Haugan CEO of Kvaerner

2 May 2011 - Jan Arve Haugan has been appointed President and Chief Executive Officer (CEO) of Kvaerner. This new engineering, procurement and construction (EPC) company is being established through a demerger of Aker Solutions. Kvaerner will be separate and listed on the Oslo stock exchange, most likely in July this year.

Jan Arve Haugan started his professional career in the Norwegian construction company F. Selmer (now part of Skanska), and in 1991 he joined the Norwegian industrial group Norsk Hydro as chief engineer for the Oseberg field development as a key task. 

Since then he has had leading positions in many of Hydro's oil and gas projects and operations. Following the demerger of Hydro's oil and gas operations, he re-joined the company's aluminium business as head of technology and global smelter operations. 

In 2009 he became CEO of Qatar Aluminium Ltd (Qatalum), an equal joint venture between Qatar Petroleum and Hydro Aluminium. According to Hydro, this is one of the largest primary aluminium plants ever built in one phase. Haugan was Hydro's project owner and technology provider in his previous position with Hydro. 

"We are pleased that Haugan has decided to join us in creating a new and focused EPC company in the oil and gas industry. We have been searching for an executive with broad experience from EPC projects, a deep understanding of the North Sea market and a strong base among international clients. Haugan's background and experience correspond well with this profile," says Øyvind Eriksen, executive chairman of Aker Solutions. 

"In our discussions I have experienced with great pleasure that Haugan shares the core values of our organisation, including open and honest communication and a strong commitment to being hands on in his management style," Eriksen adds. 

The new Kvaerner further leverages the experience and expertise built up through the execution of demanding projects over more than 40 years. Kvaerner will focus on executing some of the world's most demanding projects as the preferred partner for upstream and downstream oil and gas operators, industrial companies and other engineering and fabrication providers. 

"I have had the pleasure to work with both Aker and Kvaerner in past Hydro projects and I know well what they stand for. In cooperation with the new board of directors and the strong team of highly competent colleagues, I really look forward to developing Kvaerner both in Norway and internationally, says Jan Arve Haugan. 

"I am highly honoured to be charged with the responsibility to lead this company and people who build history every day," Haugan adds. 

Haugan will take on his new role no later than 1 August 2011. Until then, Aker Solutions' chief operating officer Per Harald Kongelf will continue to lead Kvaerner. Haugan's fixed annual salary will be NOK 4.5 million. 

 

Media:
Geir Arne Drangeid, EVP Communications, Phone: + 47 67 51 30 30, Mob: 913 10 458

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Phone: +47 67 51 30 39, Mob: +47 911 37 194

Career opportunities:
Visit http://www.akersolutions.com/careers

Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global oil services company that provides engineering and construction services, technologies, product solutions and field-life solutions for the oil and gas industry. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.  

Aker Solutions' parent company is Aker Solutions ASA.  Aker Solutions has aggregated annual revenues of approximately NOK 46 billion and employs approximately 20 000 people in about 26 countries.

This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.