Kvaerner's Board of Directors elected

16 June 2011 - The Directors to Kvaerner's Board have been elected.  From Kvaerner's first day of trading on the Oslo Stock Exchange in July 2011, the Board of Directors will consist of five shareholder-elected members as well as three members elected by Kvaerner's employees. The shareholder-elected members are Kjell Inge Røkke (chairman), Tore Torvund, Bruno Weymuller, Lone Fønss Schrøder and Vibeke Hammer Madsen. The employee-elected members are Rune Rafdal, Ståle Knoff Johansen and Bernt Harald Kilnes.

"Our new Board of Directors has substantial industry and international experience. These elements are key for Kvaerner's further development", says Jan Arve Haugan, President and Chief Executive Officer of Kvaerner from 1 August 2011. 

The specialised engineering, procurement and construction (EPC) company, Kvaerner, is being de-merged  from Aker Solutions in July 2011 and will be traded as a separate company on the Oslo Stock Exchange (Oslo Børs) on or about 8 July.

"Kvaerner's new Board of Directors ensures continuity and transfer of competence from Aker Solutions in the important start-up phase. Three of the directors know the Kvaerner business and its strategy in-depth from their previous or current positions at the Aker Solutions board. I am confident this will benefit the new Kvaerner board and executive management", says Haugan.

Kjell Inge Røkke, Chairman
Kjell Inge Røkke is an entrepreneur and industrialist, and has been a driving force in the development of Aker since the 1990s. Mr. Røkke owns 67.8 percent of Aker ASA through The Resource Group TRG AS. He holds the positions as chairman of Aker ASA, Aker BioMarine ASA and Det norske Oljeselskap ASA, and board member of Aker Solutions ASA. He has been elected for the period 2011-2012.

Tore Torvund, Director
Tore Torvund holds the position as Executive Vice President of the solar technology company REC Silicon Renewable Energy Coproration since 2009. Mr. Torvund has senior executive experience of more than twenty years in the oil and gas industry, including as Executive Vice President of Exploration & Production Norway at the oil company StatoilHydro, and Executive Vice President of Oil and Energy at Norsk Hydro. He has held several management positions related to drilling operations, field development and technology projects. Mr. Torvund holds an M.Sc in Petroleum Engineering from the Norwegian University of Science and Technology. He has been elected for the period 2011-2013.

Bruno Weymuller, Director
Bruno Weymuller served as Strategy Director of the oil company Total Group from 2000 to 2008. He started his career with positions within the French Ministry of Industry, the Energy Directorate as well as serving in key positions at the Prime Minister's office. Mr. Weymuller has held various executive positions in Elf Aquitaine (Total) from 1981 to 2008. Mr. Weymuller is an alumnus of the Ecole Polytechnique and the Ecole des Mines (Paris) and also holds an MSc from MIT. He has been elected for the period 2011-2013.

Lone Fønss Schrøder, Director
Lone Fønss Schrøder has broad international experience acquired during 21 years in senior management positions, including board positions at the industrial conglomerate A.P. Møller-Maersk A/S. She is a chairperson for the audit committee at Volvo, a non-executive director of Volvo PV in Sweden and NKT A/S in Denmark, as well as non-executive director and member of the audit committees of Aker Solutions ASA, Vattenfall AB and Svenska Handelsbanken AB. Ms. Fønss Schrøder has a law degree from the University of Copenhagen and a Master of Economics from CBS. She has been elected for the period 2011-2013.

Vibeke Hammer Madsen, Director
Vibeke Hammer Madsen is the CEO of HSH (The Federation of Norwegian Commercial and Service Enterprises) since 2002. Prior to this, she was a partner in the PA Consulting Group. From 1993 to 1999 she was a vice president holding various positions in Statoil. Ms. Hammer Madsen holds a number of board positions, was board member of Aker Solutions from 2008 until May 2011. Ms. Hammer Madsen is a graduate of the Norwegian School of Radiography. She has been elected for the period 2011-2012.

Rune Rafdal, Director
Rune Rafdal was elected by the employees of Kvaerner to the Board of Directors in June 2011. Mr. Rafdal has been employed by Kvaerner since 1980 and has been a local union representative for Aker Stord AS on a full-time basis since 1996, a group union leader since 2005 and served several periods at the boards of Aker Stord AS and Aker Kværner Stord AS in the period 2000 to 2011. Mr. Rafdal is a sheet metal worker and holds a certificate of apprenticeship in the sheet metal discipline. He has been elected for the period 2011-2013.

Ståle Knoff Johansen, Director
Ståle K. Johansen was elected by the employees of Kvaerner to the board of directors in Julne 2011.
Mr. Johansen has been employed by Kvaerner since 1986 and has been a local union representative for Aker Verdal AS on a full-time basis since 2010 and served at the board of Aker Verdal AS and Kvaerner Verdal AS. Mr. Johansen is a welder and sheet metal worker and holds a certificate of apprenticeship in the welding discipline. He has been elected for the period 2011-2013.

Bernt Harald Kilnes, Director
Bernt Harald Kilnes was elected by the employees of Kvaerner to the board of directors in June 2011. Mr. Kilnes has been employed by Kvaerner since 1989 and is a group union representative for white-collar employees on a half-time basis and has served at the boards of Kværner ASA, Aker Kværner ASA and Aker Verdal AS. Mr Kilnes is educated as an engineer and business administrator. He has been elected for the period 2011 - 2013.

ENDS

For further information, please contact:

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

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

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 ("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 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.

To unsubscribe from Kvaerner's releases, please reply to this email with unsubscribe in the subject field.

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