Aker Kvaerner Reorganizes Global Operations

To further strengthen its offering, and becoming more transparent to the market, Aker Kvaerner will optimize its operations by transforming its existing six business areas into five global business areas.

By combining those specialized units that work within the same market segments better, the change results in increased capacity and a stronger offer of services and solutions to all market segments. It will also enable more effective use of the total resources. The change will support the company's stated objective for further profitable growth.

Each of the five business areas in the new structure will have global responsibility for the entire value chain, ranging from marketing and technology development through project execution to service and maintenance. The new structure will further leverage the operation, and enable Aker Kvaerner to provide total solutions for the customers.

"We are establishing a global business area model which is more customer- oriented and will help us reaching our profitable growth objective in the years to come," says Martinus Brandal, President and CEO of Aker Kvaerner.

In the new structure, the five global business areas will be:

--Field Development (FD), headed by EVP Simen Lieungh
--Subsea, headed by EVP Raymond Carlsen
--Products & Technologies (P&T), headed by EVP Mads Andersen
--Maintenance, Modifications & Operations (MMO), headed by EVP Torleif Gram
--Process & Construction (P&C), headed by EVP Jarle Tautra

The Executive Management Team will from April 1 consist of President & CEO Martinus Brandal and EVP & CFO Bjorn Erik Naess, together with the five EVPs mentioned above.

Gary Mandel is leaving Aker Kvaerner after being nominated Vice Chairman of the Board of Aker American Shipping ASA, which is a listed company at the Oslo Stock Exchange and part of the Aker group of companies. Gary Mandel will also be Chairman, President & CEO of American Shipping Corporation, a 100-percent owned subsidiary of Aker American Shipping. In his new position as Vice Chairman, Gary Mandel will report to the Chairman of the Board of Directors, Mr. Leif Arne Langoy.

"Gary Mandel, together with his teams, has done an outstanding job for Aker Kvaerner for many years," said Mr. Brandal. "As an example of a leader with high performance with respect to HSE, financial results and driving our Values, both Aker Kvaerner and the wider Aker group need to continue to leverage from his leadership and management competence. I am pleased that Gary will continue to work with Aker in his new position. This is also an example of the career opportunities we have in within the Aker Group."

The new organization structure with five global business areas will be effective from April 1, 2007. For external financial reporting, Aker Kvaerner has already had a reporting based on presentation of five segments, but these external reporting segments differ from the new internal structure on some points.

With effect for the first quarter of 2007, also Aker Kvaerner's external financial reporting will be based on the new structure, presenting the financial figures for the five business areas. Pro-forma historical numbers for the five business areas in the new structure will be published before the first quarter 2007 financial result is presented at April 25.