Aker Kvaerner Appoints Helsing EVP

Pål Helsing was appointed Executive Vice President for Aker Kvaerner's Business Area Field Development, succeeding Simen Lieungh. Helsing will be a member of the Executive Management Team reporting to Martinus Brandal, President & CEO. Helsing comes from Subsea, one of Aker Kvaerner's five Business Areas, where he was Senior Vice President for Subsea Systems. Helsing has worked with Aker Kvaerner since 1993, and has extensive industry experience from several high-level management positions within the company in Norway and internationally. Before starting with Aker Kvaerner, Helsing worked with FMC Kongsberg as Engineering Manager. He obtained his academic education from Glasgow University and the Norwegian School of Management. "I am very pleased that Pål Helsing is taking up the position as EVP for the Business Area. Field Development. He has delivered strong results in his previous positions, and has demonstrated significant skill in managing large organizations and the execution of complex projects. In line with Aker Kvaerner's ambitions to develop our people into strong internal candidates for new positions, I am satisfied that Pål Helsing is yet another example of our solid talent base," said Martinus Brandal. Simen Lieungh held the position as EVP for Field Development since 2002. Prior to this position, he held a number of executive management positions within the company. Lieungh is leaving Aker Kvaerner to accept a position as Group Managing Director with the shipping, offshore and oil services company Arne Blystad AS. "Simen Lieungh has consistently delivered strong results to Aker Kvaerner. Under his management, the Business Area Field Development has developed from a strong regional contractor to a leading international supplier of advanced turnkey solutions for on- and offshore field developments. I am thankful for his contribution to Aker Kvaerner's positive development, and wish him all the best in the new challenges he has chosen to pursue", says Brandal. Helsing will take up his new position effective September 1, 2007.