Kvaerner Chief To Aker: Thanks, But No Thanks

Maritime Activity Reports, Inc.

July 21, 2000

Kvaerner's Chief Executive Kjell Almskog rejected any merger of Kvaerner Oil & Gas with offshore supply firm Aker Maritime. "That has not been and is not an issue on the agenda," Almskog reportedly said after meeting with Trade Minister Grete Knudsen to discuss last week's raid of one-fourth of Kvaerner. Kjell Inge Roekke, through his 63 percent-owned Aker Maritime, had surprised Kvaerner management by buying shares, options and rights issues corresponding to about 26 percent in Kvaerner. Some analysts have interpreted Roekke's move as part of a plan to merge Aker Maritime with Kvaerner Oil & Gas, following several previous failed attempts by Kvaerner to buy Aker Maritime.
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