Aker announces business moves

Aker Kværner is realigning its operations into five global business areas. Each area will be responsible for its complete operations from marketing and technology development through project execution, service, and maintenance.

Offshore staff

Aker Kværner reorganizes operations

LYSAKER, Norway -- Aker Kværner is realigning its operations into five global business areas. Each area will be responsible for its complete operations from marketing and technology development through project execution, service, and maintenance.

The areas and the executive vice president in charge of each are as follows:
1. Field Development, headed by Simen Lieungh
2. Subsea, headed by Raymond Carlsen
3. Products & Technologies, headed by Mads Andersen
4. Maintenance, Modifications & Operations, headed by Torleif Gram
5. Process & Construction, headed by Jarle Tautra.

The new structure will be effective from April 1, 2007.

"We are establishing a global business area model which is more customer oriented and will help us reaching our profitable growth objective in the years to come," says Martinus Brandal, president and CEO of Aker Kværner.

Aker Oilfield Services formed

Aker, Aker Kværner, Aker Yards, and DOF Subsea have established Aker Oilfield Services Ltd. to target increased oil recovery services for subsea wells. It will offer subsea well intervention services using riserless and riser-based systems in water depths to 2,500 m (8,202 ft).

Additional services will be provided from Aker Oilfield Services' vessels in cooperation with DOF Subsea and include cable / umbilical installation, light subsea construction / maintenance, and survey and inspection work.

03/02/2007

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