Aker Kvaerner ASA acquires Norwegian 3D visualisation and simulation software developer First Interactive AS

Nordic Business Report, Feb 14, 2008

NORDIC BUSINESS REPORT-14 February 2008-Aker Kvaerner ASA acquires Norwegian 3D visualisation and simulation software developer First Interactive AS(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian engineering, construction and technology group Aker Kvaerner ASA said on Thursday (14 february) that it has acquired a majority stake in the software company First Interactive AS.

The purchase also grants Aker Kvaerner an option to buy the remaining shares.

No financial details were disclosed.

First Interactive, based in Stavanger, Norway, specialises in 3D visualisation and simulation for the oil and gas sector. In addition to its Stavanger office, the company also has a subsidiary in St Petersburg in Russia. The company achieved revenues of over NOK25m in 2007.

First Interactive is currently cooperating with Aker Kvaerner MH to develop applications for 3D visualisation and simulation of offshore drilling operations. A new generation drilling simulator has already been launched and the companies are now working on solutions for real-time, 3D visualisation of drilling operations which will enable onshore support and control of offshore operations.

"A realistic, real-time visualisation of the drilling operations will enable rig operators to make better and faster decisions. The result is more efficient drilling, and increased rig uptime. In addition this tool enables us to offer superior training facilities for our clients as well as our own employees," commented Roald Amundsen, president of Aker Kvaerner MH.

Aker Kvaerner on Thursday also published its year-end financials, reporting record revenues of NOK57,957m, a 15% improvement compared to 2006.

The pre-tax profit amounted to NOK3,538m, up from NOK1,869m in 2006.

Earnings per share amounted to NOK2.24, an improvement of 95%.

Aker Kvaerner, headquartered in Oslo, Norway, has some 24,000 employees in 30 countries and annual revenues of approximately NOK58bn. 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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