New Board Member Appointed for Kvaerner Masa-Yards

Ilkka Niemi has been appointed Member of the Board of Directors of Kvaerner Masa-Yards Inc.. Niemi, a Finnish citizen, has broad Finnish and international industry experience. During the years 1989-1997 he was Managing Director and Member of the Board of the Finnish Guarantee Board. From 1997 to 2000 he was Member of the Executive Board of the World Bank Group, Washington DC, representing Nordic and Baltic Countries. Since September 2000, he is an independent consultant and owner of Fasinconsult Inc., a consulting company which offers advisory services in Investment and Development Finance. "We at Kvaerner Masa-Yards are very pleased to have Mr. Ilkka Niemi on board," said Jorma Eloranta, President and CEO of Kvaerner Masa-Yards. "His broad knowledge of international corporate financing and industy as well as his wide relations in the Finnish society are very valuable assets for us." The Board of Directors of Kvaerner Masa-Yards Inc.: Chairman: Karl Erik Kjelstad (President, Aker Kvaerner Yards AS) Vice Chairman: Leif-Arne Langøy (President and CEO, Aker RGI) Members: Jorma Eloranta (President and CEO, Kvaerner Masa-Yards Inc.) Ilkka Niemi (Senior Advisor, Fasinconsult Inc.) Oddvar Slettevold (Executive Vice President, Aker Kvaerner Yards AS) Trond Ø. Westlie (Chief Financial Officer, Aker Kvaerner ASA) Jorma Malinen and Aarne Ukkola (representatives of the personnel of Kvaerner Masa-Yards)