Aker Kvaerner ASA acquires remaining shares of Finnish project manager RR Offshore Oy

Nordic Business Report, Feb 13, 2008

NORDIC BUSINESS REPORT-13 February 2008-Aker Kvaerner ASA acquires remaining shares of Finnish project manager RR Offshore Oy(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian engineering, construction and technology group Aker Kvaerner ASA said on Wednesday (13 February) that it has agreed to acquire the remaining 76% of the share capital of the Finnish company RR Offshore Oy from its Russian partner ST Holdings.

The deal, which gives Aker Kvaerner full ownership control over RR Offshore, also involves Aker Kvaerner selling its shares in the Russian shipyard Astrakhan Korabel, located at the Caspian Sea, to ST Holding.

The financial details of the arrangement were not disclosed.

RR Offshore is a Finnish engineering and project management company with considerable experience in Russia and the North Caspian region.

"Aker Kvaerner is actively positioning itself for future projects in Russia and the Caspian region. The acquisition of the remaining shares in RR Offshore will support the execution of Aker Kvaerner's strategy and further build on our Russian activities. The intention is to develop our business in the region to the benefit of all parties," commented Paal Helsing, executive vice president of Aker Kvaerner's business area Field Development.

Aker Kvaerner, headquartered in Oslo, Norway, has some 24,000 employees in 30 countries and annual revenues of approximately NOK50bn. The company is 40.27%-owned by the Norwegian industrial owner Aker ASA. Aker Kvaerner is listed on the Oslo Stock exchange and traded under the ticker AKVER.

One British pound (GBP) is worth approximately 10.78 Norwegian kroner (NOK).

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