October 15, 2003

New CEO for Kvaerner Philadelphia

David E. Meehan has been appointed President and Chief Executive Officer of the Kvaerner Philadelphia Shipyard. He will replace Gunnar Skjelbred who has headed the yard since 2002.

Aker Kvaerner says that with the recent successful delivery of the first newbuild ship at the yard since 1972, Matson’s container vessel Manukai, Kvaerner Philadelphia Shipyard has moved into a new stage. The new CEO and the team at the yard will now work to strengthen the foundation for a sustainable shipbuilding operation.

“Key priorities will be to continue to improve the cost base and productivity, while at the same time working closely with potential customers to secure new shipbuilding contracts,” Meehan explained.

Other changes in the senior management have recently taken place to further emphasize the new focus at the yard, says Aker Kvaerner. Three new vice presidents have been appointed to the yard’s top management team.

Meehan has 24 years experience from hands-on installation, supervision and management of heavy industrial projects in the United States and overseas. With a Bachelor of Science in Civil Engineering from Pennsylvania State University, Meehan was vice president and general manager of Aker Kvaerner Pittsburgh’s business unit until he joined Kvaerner Philadelphia.

Skjelbred will return to Norway to take on another management position within Aker Kvaerner Yards, the world’s fifth largest international shipbuilding group with some 16,500 employees.

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