Brandal Takes Over as CEO of Aker Kvaerner

Martinus Brandal, former Executive Vice President of Aker ASA today assumes the role of President and CEO of Aker Kvaerner, succeeding Inge K. Hansen. Hansen joins Aker ASA as a consultant to the group's management.

"Taking over the helm of Aker Kvaerner from Inge Hansen is like taking over a ship that is right on course, going at high speed, with the best crew one could wish for," said Martinus Brandal. "As I have been part of the Board of Directors and assisted in charting the course for the company - I feel well-prepared for the task. My goal is to continue the current strategy, drive the business and optimize operations for the benefit of all stakeholders."

Martinus Brandal joined Aker in the summer of 2004, and has held a number of Board positions at Aker Group companies. He is very familiar with Aker Kvaerner as a result of being a board member of the company and assisting in developing the strategy that the company has followed in the last two years. He will continue to serve as a board member of Aker Yards.

Prior to joining Aker, Brandal was in charge of the Process Automation business area of the ABB industrial group and he has extensive international oil and gas experience.

The planned succession of former CEO Inge K. Hansen was announced in March 2006. Under Hansen's leadership, Aker Kvaerner has developed rapidly and well. Aker Kvaerner's 2005 record-high profit, alone, demonstrates how much the company has improved.