Aibel Undergoes Top Management Change-Up

In light of the buoyant market situation in all of its key target markets, Aibel announces that it has changed its top management structure. While R. Rasmus Sunde will continue as the President and CEO of Aibel Group Limited in charge of Aibel's worldwide activities including Norway, Jan Skogseth, until now head of the company's Maintenance, Modification and Operations (MMO) activities, takes over the management of Aibel AS with responsibility for all Aibel's Norwegian activities.

R. Rasmus Sunde comments: "The change reflects our heightened and dedicated focus to multi-directional and stable growth build on a world-class Health, Safety, Environmental (HSE) and business ethics infrastructure, and this move frees me to concentrate all efforts on issues critical to the Aibel Group as a whole, such as growth, profitability infrastructure and compliance. At the same time, as can be witnessed by the roll of several recent significant contract wins for our MMO, engineering services, products and technologies alike, business in Norway is still booming. With his impressive track record and background, Jan Skogseth is the ideal person to take the direct responsibility for the Norwegian activities reporting to myself as Group CEO where the top priority in Norway is to further expand and manage this sustainable growth of our Norwegian-based activities."

During his career at Aibel, Sunde has held a number of senior and global executive management roles since joining the company, then ABB, in 1989. He was appointed president and CEO of the newly independent Aibel Group in February 2007. Skogseth too has a long history with the company, joining ABB's oil, gas and petrochemical division in 1998. He has been the head of MMO activities, the business unit driving business on- and offshore the Norwegian coast, which currently represents around 55 percent of Aibel's business, also since 2005.