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Industrial And Financial Solution News

28 Nov 2001

Aker Maritime and Kværner Agree Overall Solution

Agreement has been reached between Kværner and its largest shareholder, Aker Maritime, on a comprehensive industrial and financial solution for the Kværner group. This solution means that Kværner will secure additional equity through share issues and through the merger of Aker Maritime's core business with Kværner Oil & Gas. It builds on the main lines of the modified Yukos plan presented by Aker Maritime last week. Kværner's other large shareholder, Russia's Yukos Oil, has announced its support for the new solution and has withdrawn its original proposal. Negotiations are continuing with the bank coordinating committee on modified lending terms, and agreement on a recommended solution is expected within 24-48 hours.

28 Nov 2001

Aker Maritime and Kvaerner Reach Agreement on a Solution

Kvaerner today announced that it has reached agreement with its largest shareholder, Aker Maritime, on a comprehensive industrial and financial solution for the Kvaerner Group. Kvaerner Oil & Gas. It builds on the principles of the modified Yukos plan presented by Aker Maritime last week. Yukos Oil, has announced its support for the new solution. * A merger of Aker Maritime and Kvaerner Oil & Gas. Aker Maritime is valued at NOK 3.6 billion, including NOK 800 million in debt. issues. * A Directed Equity Issue of at least NOK 2 billion. book-building. * A Rights Issue for Kvaerner shareholders, as of December 14. per share as the directed Equity Issue. The agreement between Aker Maritime and Kvaerner involves the merger of Aker Maritime's core operations with those of Kvaerner Oil & Gas.