Kvaerner - Registration of Demerger; New Share Capital; New Board of Directors

7 July 2011 - The consummation of the demerger of Aker Solutions was registered with the Norwegian Registry of Business Enterprises (Nw. Foretaksregisteret) after close of trading on 7 July 2011.

 

As a consequence of the consummation of the demerger, Aker Solutions' share capital has been reduced by NOK 93,160,000 from NOK 548,000,000 to NOK 454,840,000 by means of a reduction of the par value of each share in Aker Solutions from NOK 2.00 to NOK 1.66. Simultaneously with the reduction in Aker Solutions' share capital, Kvaerner's share capital has been (i) reduced from NOK 1,000,000 to zero with distribution of the reduction amount to Aker Solutions, and (ii) been increased by NOK 91,460,000 from zero to NOK 91,460,000 through the issuance to eligible Aker Solutions' shareholders of 269,000,000 consideration shares in Kvaerner, each with a par value of NOK 0.34, in the ratio of one consideration share in Kvaerner for each share in Aker Solutions. The consideration shares in Kvaerner will be distributed on a pro rata basis to 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 (Nw. VPS) as of expiry of 12 July 2011 (record date). The consideration shares in Kvaerner will be delivered and made available to eligible shareholders of Aker Solutions on 13 July 2011.

 

In conjunction with the registration of the consummation of the demerger, the new board of directors of Kvaerner was registered with the Norwegian Registry of Business Enterprises. The new board of directors of Kvaerner consists of the shareholder-elected members Kjell Inge Røkke (Chairman), Tore Torvund, Bruno Weymuller, Lone Fønss Schrøder and Vibeke Hammer Madsen and the employee-elected members Rune Rafdal, Ståle Knoff Johansen and Bernt Harald Kilnes.

 

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. Kværner ASA, through its subsidiaries and affiliates ("Kvaerner"), 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 will be publicly listed with the ticker "KVAER" at the Oslo Stock Exchange on 8 July 2011. For further information, please visit www.kvaerner.com.

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