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January 14, 2004

New Masa-Yards CEO named

Back in December 2003, Finland's Metso Corporation announced that it had hired Jorma Eloranta, who is currently President & CEO of Kvaerner Masa-Yards, Inc., to be its President & CEO from March 1, 2004. Now the mystery of who will succeed him at Masa-Yards has been cleared up. The Board of Kvaerner Masa-Yards ("KMY") has appointed Yrjo Julin as new CEO of the Finnish shipbuilding company. He will start in his new position on February 16th, 2004.

Julin (46) has more than 20 years experience within the metals and shipbuilding industries. Since May 2002 he has headed Aker Finnyards.

"KMY is a market leader in design and construction of innovative cruise ships and other sophisticated vessels. I look forward to working with the Masa-Yards team," Julin says. "The shipyard must safeguard its leading technology position. We need to continue the ongoing cost improvement programs. In the short term, the top priority will be to secure new orders for KMY, especially for the Helsinki yard."

With Yrjo Julin at the helm of KMY, the close co-operation between KMY and Aker Finnyards will be further strengthened. Since early 2002, the two companies have been working closely together under the joint management of Aker Kvaerner Yards, gaining considerable synergies.

The owners of Kvaerner Masa-Yards and Aker Finnyards, Aker Kvaerner ASA and Aker Yards AS respectively, have previously clearly stated their intention to combine their shipbuilding activities.

To further emphasize the close working relations between Kvaerner Masa-Yards and Aker Finnyards, Yrjo Julin will be elected to the Board of Directors of Aker Finnyards as vice chairman when he joins Kvaerner Masa-Yards. Jorma Eloranta who has headed Kvaerner Masa-Yards since 2001 will remain in his current posistion unitil February 15 and thereafter continue as member of the Kvaerner Masa-Yards board.

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