Kvaerner - Expiry of Creditor Notice Period; Timetable for Consummation of the Demerger

The creditor notice period applicable to the demerger of Aker Solutions expired at 24:00 hours CET on 6 July 2011. All conditions to consummation of the demerger have accordingly been satisfied and the consummation of the demerger will be registered with the Norwegian Registry of Business Enterprises (Nw. Foretaksregisteret) following close of trading on the Oslo Stock Exchange (Nw. Oslo Børs) today.

Set out below are certain key dates in connection with the consummation of the demerger and the listing of the Kvaerner shares on the Oslo Stock Exchange.

Last day of trading in the Aker Solutions shares inclusive of right to Kvaerner shares: 7 July 2011*
Registration of the consummation of the demerger: 7 July 2011 (after close of trading)
First day of trading in the Aker Solutions shares exclusive of right to Kvaerner shares: 8 July 2011
First day of trading in the Kvaerner shares on the Oslo Stock Exchange: 8 July 2011
Record date for determination of eligible Aker Solutions shareholders: 12 July 2011*
Delivery of Kvaerner shares to eligible Aker Solutions shareholders' VPS accounts: 13 July 2011

* Shareholders of Aker Solutions as of expiry of 7 July 2011 (cut-off date), as such shareholders appear in the shareholders register of Aker Solutions with the Norwegian Central Securities Depositary (VPS) as of expiry of 12 July 2011 (record date), will receive one consideration share in Kvaerner for each share they own in Aker Solutions as of expiry of the cut-off date as recorded with the VPS as of expiry of the record date.

Trading in the Kvaerner shares will commence prior to delivery of such shares to eligible shareholders VPS accounts. No account-to-account transactions and no transactions with settlement prior to 13 July 2011 will be allowed in this period.

ENDS

For further information, please contact: 

Investor relations:
Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364

Media:
Mariken Holter, SVP Corporate Communications, Kvaerner, Tel: +47 67 52 74 35, Mob: +47 91 78 73 58

About Kvaerner:
With more than 3 500 HSE-focused and experienced employees, Kvaerner is a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants. Kvaerner, through its subsidiaries and affiliates, is an international contractor that plans and realises some of the world's most demanding projects as a preferred partner for upstream and downstream oil and gas operators, industrial companies and other engineering and fabrication contractors.

In 2010, the Kvaerner group had aggregated annual revenues of more than NOK 13.3 billion and the company had an order backlog per 1 April 2011 of more than NOK 15.6 billion. Kvaerner aims to be publicly listed at the Oslo Stock Exchange in July 2011. Until this process is completed, Kvaerner is owned 100 percent by Aker Solutions ASA. For further information, please see www.kvaerner.com and www.akersolutions.com.

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