Kvaerner and Aker Reach Solultion

Kvaerner together with its largest shareholder, Aker Maritime, have now reached agreement about an industrial and financial solution for the Kvaerner Group.

The proposal will result in new equity for Kvaerner through a Rights Issue, and a merger of Aker Maritime's core businesses with Kvaerner Oil & Gas.

In broad terms, the proposal builds on the revised Yukos plan that Aker Maritime presented to the Kvaerner Board last Thursday. Kvaerner's second largest shareholder, Yukos Oil, has announced its support for this new solution and will be withdrawing its initial proposal. Negotiations with Kvaerner's lending syndicates concerning the amended loan conditions are continuing. A proposed solution is expected within two days.

Kvaerner and Aker Maritime have asked the Oslo Stock Exchange to suspend trading of its shares until a more detailed proposal has been presented. A detailed presentation of the proposal will be given at 11am (London time), at the offices of Aker Maritime in Oslo.