September 12 2004

Rokke steps down as Kvaerner President and CEO

Kvaerner ASA has appointed Leif Chr. Salomonsen as new President & CEO. He succeeds Kjell Inge Rokke who has headed the company since March this year.

Kvaerner ASA is the parent company of Kvaerner Philadelphia shipyard, although the yard is operated as part of what is now Aker yards under a management contract.

An Oslo stock exchange notice from Kvaerner says "Kjell Inge Rokke will still be a central resource for Kvaerner ASA being engaged in selected projects and processes. Mr. Rokke controls Kvaerner ASA through his direct and indirect ownership. He will continue as Director of the Board."

Until July 1, 2004, Leif Chr. Salomonsen (46) was President & CEO of Raufoss ASA. He assumed the position in Raufoss ASA early 2003 to lead the company through a very challenging period. "Major restructurings have been completed in the company under Mr. Salomonsen's management," says Kvaerner. "All operational units are sold and in positive progress. Mr. Salomonsen started his career with BP and has later worked in Norsk Hydro for 19 years."

"We are very pleased with the appointment of Mr. Leif Chr. Salomonsen. He has showed great ability to secure values in complex industrial situations, and he has broad experience from large, international companies. These are all skills that in our opinion are essential for Kvaerner going forward," says Mrs. Lone FĀnss SchrĀder, chairman of Kvērner ASA.

Salomonsen's remuneration will include an annual salary of NOK 2.25 million (about US$330,000) and a target-based bonus agreement.

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