Kvaerner Adopts Aker Kvaerner Name for all Business Units

The publicly-listed Kvaerner industrial Group has announced that it adopts Aker Kvaerner as the common brand for the whole Group and its four business areas – Oil & Gas, Engineering & Construction, Pulp & Paper and Shipbuilding.

"One common brand for the whole Group will strengthen its identity and underline the potential for sharing experience and best practice across Aker Kvaerner," says Helge Lund, Group president and CEO.

"Our four business areas have some important similarities. They all provide project execution capabilities, technology and world–class expertise in highly competitive markets around the world. The key to long-term sustainable and profitable business lies in our commitment to continuously improving the quality of our operations throughout the Group."

The Oil & Gas area has used the Aker Kvaerner brand since March 2002. Its experience has been good, with the brand communicating the combined strengths of two of Norway's most internationally-focused industrial groups to customers and stakeholders.

Aker Kvaerner has annual revenues in excess of US $6 billion and employs more than 43,000 people in some 30 countries throughout Europe, Africa, Asia and the Americas. The Group's many subsidiaries and business units will retain their formal legal names, although all will adopt the new Aker Kvaerner brand.

The Group will continue to operate under the ticker KVI at the Oslo Stock Exchange. The Group's shareholders will be invited to change the legal name from Kvaerner ASA to Aker Kvaerner ASA at the General Annual Meeting in May 2003.