Inge K Hansen Named CEO in Aker Kvaerner

Inge K Hansen has been appointed Group President & Chief Executive Officer (CEO) of the new Aker Kvaerner, one of three groups, which are being created as a result of the restructuring of the current Aker Kvaerner. The new Aker Kvaerner will be a leading industrial player with activities within oil, gas, energy and process. Inge K Hansen's previous position was acting CEO with Statoil, the Norwegian oil company. New CEO in Statoil will be Helge Lund, who until now has been CEO in Aker Kvaerner. Hansen has broad international experience from industry and financial institutions. Before joining Statoil as chief financial officer in 2000, he headed the investment bank Orkla Enskilda where he worked for six years. Mr Hansen played a central role in the privatisation and listing of Statoil in 2001. "Inge Hansen has high personal integrity. He is thoroughly honest, hands on and performance driven," says Kjell Inge Røkke. In connection with this management change and in accordance with previous statements, Mr Røkke will immediately assume the position as Group President & CEO of the current Aker Kværner ASA, which is planning to change name to Kværner ASA. Aker Kværner ASA's board of directors has decided that Lone Fønss Schrøder will replace Mr Røkke as Chairman of this Board. "We are proud that one of our leaders now move on to such an important position in the Norwegian and international oil industry. We see this as recognition of Aker Kvaerner's industrial attitude and sound business culture," says Mr Røkke. "Mr Lund's resignation came as a surprise to us, but with Inge K Hansen in place so swiftly, the implementation of our industrial and financial plans will continue as previously stated. Aker Kvaerner's management teams are experienced, strong and highly motivated, which will ensure that our goals are met," Mr Røkke said. Inge K Hansen will be formally introduced to Aker Kvaerner shareholders at the annual general meeting on 19 March 2004.