Aker Maritime and Kværner Agree Overall Solution

Wednesday, November 28, 2001
Agreement has been reached between Kværner and its largest shareholder, Aker Maritime, on a comprehensive industrial and financial solution for the Kværner group. This solution means that Kværner will secure additional equity through share issues and through the merger of Aker Maritime's core business with Kværner Oil & Gas.

It builds on the main lines of the modified Yukos plan presented by Aker Maritime last week. Kværner's other large shareholder, Russia's Yukos Oil, has announced its support for the new solution and has withdrawn its original proposal. Negotiations are continuing with the bank coordinating committee on modified lending terms, and agreement on a recommended solution is expected within 24-48 hours. Kværner and Aker Maritime have asked the Oslo Stock Exchange to suspend trading in securities issued by the two companies until the solution has been presented in greater detail.

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