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Aker Kvaerner Yards As News

01 Oct 2003

New Board Member Appointed for Kvaerner Masa-Yards

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. Countries. services in Investment and Development Finance. "We at Kvaerner Masa-Yards are very pleased to have Mr. board," said Jorma Eloranta, President and CEO of Kvaerner Masa-Yards. Trond Ø.

16 Oct 2003

New CEO at Kvaerner Philadelphia Shipyard

David E. Meehan has been appointed President & Chief Executive Officer of the Kvaerner Philadelphia Shipyard on the U.S. Atlantic Coast. He will replace Gunnar Skjelbred who has headed the yard since 2002. With the recent successful delivery of the first newbuild ship at the yard since 1972, Matson's container vessel Manukai, Kvaerner Philadelphia Shipyard has moved into a new stage. The new CEO and the team at the yard will now work to strengthen the foundation for a sustainable shipbuilding operation. "Key priorities will be to continue to improve the cost base and productivity, while at the same time working closely with potential customers to secure new shipbuilding contracts," David Meehan explained.

04 Feb 2002

Kvaerner and Aker Join Forces in Shipbuilding

Kvaerner announced that it has agreed with Aker RGI Holding to establish a jointly owned shipbuilding management company. Together, the two groups own 12 shipyards in Europe, and one in the USA and Brazil. These yards have a total of some 13,500 employees with combined revenues of $2.2 billion. Kvaerner and RGI have on a number of previous occasions stated the intention to merge their respective shipbuilding operations in the future. The parties have, however, agreed to postpone such negotiations until a better assessment of the financial and operational issues have been concluded, and until such time as the value of the operations can be more precisely determined. that the value of their respective operations will increase through the establishment of a joint management company.

04 Mar 2002

New Board at Kvaerner Masa-Yards

A new Board of Directors has been elected for Kvaerner Masa-Yards Inc.. Chairman: Leif-Arne Langøy (President and CEO, Aker Kvaerner Yards AS) Members: Jorma Eloranta (President and CEO, Kvaerner Masa-Yards Inc.), Karl Erik Kjelstad (Executive Vice President, Aker Kvaerner Yards AS), Oddvar Slettevold (Executive Vice President, Aker Kvaerner Yards AS) and Trond Ø. Westlie (Chief Financial Officer, Kvaerner ASA). Aarne Ukkola and Jorma Malinen continue as representatives of the personnel.

29 May 2002

Matson To Build Pair of Containerships in Philadelphia

Matson Navigation Company, Inc.'s (Matson)today signed a contract with Kvaerner Philadelphia Shipyard Inc. the purchase of two new containerships. late 2003 and in 2004, respectively. quality and value," said C. executive officer. carrier. R. J. the U.S. domestic offshore trades. dry containers. Jones Act vessels at a relatively low cost. as a world class commercial shipyard. Kvaerner Philadelphia Shipyard. in Kvaerner's ability to build high quality ships. Philadelphia Shipyard was built to provide U.S. ships at realistic prices for the dedicated trades of the U.S. Act. customers," Mulholland added. enhanced its fleet to meet the changing needs of our customers. open-top vessels.

20 Dec 2002

Wärtsilä to Supply IRISL Containerships

Wismar, Germany. rev/min. of 1020 kW at the same speed. in Finland. 2003 and February 2004. Kvaerner Yards. 2004. of 29.8 m. They have stowage for 2478 TEU with 200 reefer sockets. The ships' service speed is 22.3 knots on a design draught of 10.1 m. generating sets. having been delivered in 2001.

18 Nov 2002

Aker MTW Werft Secures Container Vessels

Aker MTW Werft (AMTW) in Wismar has secured contracts to build an additional six container vessels of its MTW 2500 vessel design for Islamic Republic of Iran Shipping Lines (IRISL), the Teheran based shipowner. The total contract value is about $205 million. in Rostock-Warnemünde. to the success of the two German yards on this bid. while KWW will deliver two vessels in the second quarter of 2004. able to complete this series of six container vessels by mid-2004. the yards would not be able to meet such a tight schedule separately. under a joint interim management team since the end of September. Rostock-Warnemünde. business, while Aker Kvaerner will own the remaining 40 percent. the two yard sites and to adjust and optimize the working processes. The MTW 2500 vessels are 680.4 ft.

05 Feb 2003

Kjelstad to Head of Aker Kvaerner Yards

The Board of Aker Kvaerner Yards has appointed Karl Erik Kjelstad as the company's President and Chief Executive Officer. Kjelstad has occupied these posts in an acting capacity since January 16, 2002, when the previous incumbent, Leif-Arne Langøy, left to become president and CEO of Aker RGI. Kjelstad graduated as an engineer specializing in marine subjects from the Norwegian Institute of Technology (now the Norwegian University of Science and Technology) in 1992. In the last 11 years he has held a number of leading positions in the maritime industry - with Aker Yards since 1998 and Aker Kvaerner Yards since the company was established in February 2002.

05 May 2003

The Best of Both Worlds

Oslo-based Aker Kvaerner Yards is irony in action. It serves an ancient industry dominated by older generation, yet is led by a fresh faced young executive. It prospers in a capital and equipment intensive market, yet is helping to re-define some of these relationships via the Internet. The organization is the largest shipbuilding consortium in Europe, yet good prospects for growth lie in smaller, compact yards. Once the cover of the book is read, though, it is increasingly easy to see why Karl Erik Kjelstad, 36, was tapped to lead one of the top shipbuilding consortiums in the world. Aker Kvaerner Yards is a collection of 16 yards and approximately 16,500 employees that generates an annual turnover of nearly $3 billion.

23 Oct 2002

Kvaerner, RGI to Establish Joint Ownership for Shipyards

Aker Kvaerner and Aker RGI have entered into an agreement to establish a joint ownership for their wholly owned shipyards in Germany, respectively Kvaerner Warnow Werft and Aker MTW. Among other conditions, the agreement is dependent on approval from Aker Kvaerner's and Aker RGI's lenders. The aim is to implement the new ownership by the end of 2002. Aker Kvaerner will own 40 percent of the two yards. shipbuilding. shipyards in Europe, USA and Brazil. the largest shipyard groupings in the world. combine their shipbuilding activities when the time is right. in which immediate synergies have been identified. management at each yard have studied alternative forms of cooperation. joint leadership team was established earlier this year. competitiveness.