Kvaerner Names New CEO

Kvaerner announced the appointment of Kristian Siem as its new President & CEO. Mr. Siem succeeds Kjell E. Almskog who resigned his position today. Kristian Siem (51) has been a director of the Kvaerner Board since May 2001.

Speaking about today's announcement, Harald Arnkvaern, Chairman of Kvaerner, said: "Kristian Siem is an astute industrial leader -- and will take up this full-time executive role with immediate effect. He has committed to serve in this position for as long as his services can be of benefit during this important transitional period."

Kristian Siem is also Chairman of Siem Industries, an industrial holding company which includes offshore and onshore oil and gas drilling, and subsea construction, in Norway and the USA. He also serves on several boards of Norwegian and international companies.

Mr. Siem is a Norwegian citizen, and is resident in the UK. His remuneration will be established based on the average paid to CEO's in three of Norway's major industrial companies.