Einertsen Named President of Aker Yards, Merchant Vessels

Tom Einertsen has been appointed President of Aker Yards' business area Merchant Vessels, and a member of the Executive Management Team, succeeding Jürgen Kennemann. Einertsen will report to Yrjö Julin, President & CEO of Aker Yards and be based in Oslo. Einertsen joined Aker Yards in 2003, and has been Senior Vice President Business Development since June 2005. His main responsibilities in this role have been business improvement processes and development activities especially in the Far East. Before this Mr. Einertsen was Senior Vice President Group Sourcing from June 2004 to June 2005. Prior to joining Aker Yards, Einertsen was Managing Director of Aker Cold Bending and participated in the restructuring of Aker Verdal in Aker Kvaerner for a period of 3 years. Before this he has held several management positions within engineering, sales and marketing. Mr. Einertsen holds an Engineering degree in process and piping design from The University of Houston, Texas. Kennemann who has been with Aker Yards since 2001 has worked in various leading positions and has been responsible for all Merchant Vessels activities of the group since end 2002. Mr. Kennemann has from September 1st been appointed Executive Vice President of Strategic Development in Aker Yards. Kennemann will be based in the Oslo Head Quarters and his main responsibilities will include Aker Yards' strategic development. He will report to Julin.

In connection with his new position as Executive Vice President of Strategic Development in Aker Yards, Kennemann will resign as President of Aker Yards, Germany. The successor in this position will be appointed by the Board of Directors of Aker Yards, Germany in the beginning of September.