Aker Solutions Reinforces Subsea Position, Strengthens Management

Aker Solutions has announced organizational changes in its Subsea and Products & Technologies business areas. It has also announced changes in the Company's executive management team.

"To be at the forefront of key development trends in our markets, we have decided to change the set up of these two business areas. We want to reinforce our position throughout the value chain of subsea technology, solutions and services. We also want to align our offering of drilling solutions, topside technology products and
services to realise the potential we see," commented Simen Lieungh, President & CEO of Aker Solutions.

"The changes involve an integration of Aker Marine Contractors, Aker Well Service and Aker Geo into the Subsea business area," continued Lieungh. "In combination with our ownership and cooperation with Aker Oilfield Services, the new structure will also leverage our well intervention services offering. Until now these business units have been part of the Products & Technologies business area. In addition the drilling riser business will be transferred from Subsea to the Products & Technologies business area to further strengthen our drilling solutions.

"We see strong potential for further growth within high margin, value adding services segments in relation to our fast growing installed base of subsea solutions and topside products and technologies," said Lieungh.

Changes in Executive Management Team

Mads Andersen and Per Harald Kongelf have been appointed executive vice presidents (EVP) to lead the development of the two revised business areas. Mads Andersen will head the Subsea business, while Per Harald Kongelf will assume the position as EVP for the Products & Technologies business area. Raymond Carlsen who has been EVP of the Subsea business area since 2002 will resign from Aker Solutions and
take on a new position in Aker ASA.

"I am glad that Mads and Per Harald will take on these challenging positions. I would also like to thank Raymond for his long standing commitment to the development of both our company and our Subsea business area," added Lieungh.

Mads Andersen joined Aker Solutions in 2000 and has been EVP for Products & Technologies since 2003. He has 20 years' experience from the upstream oil and gas industry. Andersen has held various technical and managerial positions in oil field service and oil companies including Schlumberger and Saga Petroleum (now part of StatoilHydro).

Per Harald Kongelf comes from the position of president of Aker Solutions' process systems business, a role he has fulfilled since 2003. Kongelf has more than 20 years experience from senior positions in the oil and gas service industry, including several years as senior vice president and responsible for field development and
process technology within the area named Aker Engineering and Technology today.

Raymond Carlsen will remain in his position until October 1, when the management changes take effect. The process of implementing the organizational changes starts immediately, and will be finalized by January 1, 2009.


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