Kvaerner And Aker Maritime Join Forces

Kvaerner has launched a new company with 18,000 employees in 17 countries and on five continents. The new company, to be known as Aker Kvaerner, will supply products, services, tech- nology and solutions worth $2.2 billion a year to the global oil and gas industry.

Aker Kvaerner is the result of a merger between Aker Maritime and Kvaerner Oil & Gas, and forms one of four business areas within the Kvaerner Group.

Subsidiaries of Aker Kvaerner have already won contracts totaling $1.7 bil- lion since the start of 2002, almost doubling the Group's order backlog in just over two months.

In many of its business streams, the new company will rank among the world's leading players. It is strong, for instance, in advanced drilling equipment, subsea facilities, the management of large and complex platform tow-outs, and the installation of seabed equipment.

Aker Kvaerner also embraces some of the most advanced solutions for both platforms and mooring systems in deep water. It has become one of the biggest players in the large U.K. and Norwegian markets for maintenance, modifications and operational support on production platforms.

Preparations for merging Aker Maritime and Kvaerner Oil & Gas have been completed in just over two months, with more than 250 employees directly involved in the integration work. In addition, personnel from the whole organization have been drawn into the planning and preparatory process.

Establishing a new organization has been a key task. Since the beginning of January, potential candidates for senior roles have been nominated and thoroughly assessed prior to key posts being filled.

Maritime Reporter Magazine, page 12, Apr 2002

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