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Kvaerner’s oil and gas activities strengthened; regional hubs established in Houston and Singapore

Kvaerner today announced that its oil and gas business, Aker Kvaerner, has strengthened its presence in the Gulf of Mexico and Asia Pacific regions with the integration of an additional 1,800 engineering and project management staff from Kvaerner E&C. “Through this strategic move – which will make more efficient use of our overall resources, and improve our co-ordination in the market – Kvaerner will strengthen its presence in the oil and gas industry, and will be able to work more effectively with its global and regional customers,” said Helge Lund, Group President & CEO. “At the same time, the move will enable us to better focus our E&C resources – providing an improved service within this segment too,” concluded Lund. Aker Kvaerner’s global activities within the oil and gas industry will now be focused on Oslo and Stavanger in Norway, Aberdeen in the UK, Houston in the USA, and in Singapore. Now with some 1,600 local staff, Aker Kvaerner becomes one of the largest providers of engineering and project management services in Houston. “We believe our offshore field development competence is particularly relevant in Houston as our customers here typically engage in frontier development projects in many of the world’s most demanding deepwater areas,” said Sverre Skogen, CEO of Aker Kvaerner. “The ability to service our oil and gas customers, both onshore and offshore, will strengthen our presence in the worldwide market – as well as improve our ability to use Aker Kvaerner’s skilled workforce more efficiently.” To further strengthen its position in the Houston area, Aker Kvaerner has decided to move certain management functions from Norway and establish a regional headquarters in the U.S. Jon Erik Reinhardsen has been appointed Deputy CEO for Aker Kvaerner – and he will head the U.S. organisation for that business area. He will also continue to lead the Products & Technology division of Aker Kvaerner. Other key Aker Kvaerner executives in Houston are Erik Wiik – head of the Field Development International division, and George Doremus – who will continue to lead the onshore business, including Kvaerner E&C’s chemicals, polymers, and refining activities. Following the re-organisation, a total of some 6,000 Aker Kvaerner employees will be attached to the regional headquarters in Houston, which will account for combined annual revenues of approximately US$1.2 billion. In Asia Pacific, Singapore will become the main hub for Aker Kvaerner. The region will serve the key markets of China, Malaysia and Indonesia, in addition to Vietnam and Australia, through a network of facilities including Singapore, Beijing, Shanghai, Kuala Lumpur, Jakarta, and Perth. The 1,200 Aker Kvaerner staff in the region is involved in front end design, engineering and project management for development projects as well as maintenance and operations support. Aker Kvaerner also has substantial resources in the provision of supplies for marine, drilling and subsea products in the region. Based in Singapore, George Lim will lead Aker Kvaerner’s Asia Pacific operations, reporting to Sverre Skogen. Kvaerner E&C’s existing customer base and markets will be unaffected by today’s announcement – with the newly combined offices and resources continuing to serve these important activities. Keith Henry, CEO of Kvaerner E&C, commented: “For Kvaerner’s operations as a whole, the integration of our resources will provide much stronger and focused locations from which we can serve our customers. For Kvaerner E&C – it allows us the opportunity to be more efficient, to concentrate our efforts on improving our existing global operations – and to more clearly address the needs of our customers.” ENDS For further information: Paul Emberley, Vice President, Group Communications, Kvaerner ASA: +44 (0)20 7339 1035 or +44 (0)7768 813090 or paul.emberley@kvaerner.com or Geir-Arne Drangeid, Senior Vice President, Group Communications, Kvaerner ASA: +47 67 51 30 36 or visit the website at www.kvaerner.com For hi-resolution pictures of Helge Lund, Sverre Skogen and Keith Henry, email jennifer.osborn@kvaerner.com Note to editors: Kvaerner is a world-class international oil services, engineering and construction, and shipbuilding Group, with the capability and resources to undertake the world’s most challenging projects. Today’s Kvaerner is an industrial technology provider. It meets the needs of its customers by adding value to their business – through the provision of innovative, cost-effective solutions – for challenges in the hydrocarbons, process, and maritime industries. The Group’s activities are organised in four core business areas: Oil & Gas, E&C (Engineering & Construction), Pulp & Paper, and Shipbuilding. Following the merger between Aker Maritime and Kvaerner’s Oil & Gas business, the Kvaerner Group expects to have revenues in 2002 approaching US$6 billion, with some 42,000 permanent staff located in more than 30 countries throughout Europe, Africa, Asia and the Americas.