New Director Proposed For Kværner ASA Board

The nomination committee of Kværner ASA has proposed Bjørn Flatgård as a new member of the company's Board. The proposal has been put forward after soundings were taken among Kvaerner's leading shareholders. "The nomination committee has made a point of proposing a director with industrial competence, international experience and integrity, and who moreover, will attend to the interests of all Kvaerner's shareholders," said Ragnhild M Wiborg, the committee head. "Having contacted the leading shareholders, both institutional and industrial, the nomination committee made an overall assessment and unanimously decided to propose Bjørn Flatgård as the new member of the Board."

The election of a new director will take place at Kvaerner's Annual General Meeting on 15 May. The vacancy on the Board arose in December 2001 when Helge Lund, having been appointed Chief Executive Officer of Kværner ASA, decided to resign from his seat on the Board. Bjørn Flatgård is Chief Executive Officer of Elopak AS. He has anengineering degree from the Norwegian Institute of Technology, and an MBA from the Norwegian School of Management.