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March 8, 2004

Statoil and Aker Kvaerner swap CEO's

Helge Lund (42) has been appointed as new chief executive for Norway's Statoil group. Lund is currently chief executive of Aker Kværner ASA and was to be Group President of the "new" Aker Kvaerner being created in the current reorganization of Aker Kvaerner ASA into three new groups. The new Aker Kvaerner will be a leading industrial player with activities within the oil, gas, energy and process sectors.

Statoil's current acting CEO, Inge K. Hansen, is headed for the top job at the new Aker Kvaerner.

Meantime, Kjell Inge Roekke is immediately assuming the position of Group President & CEO of the current Aker Kværner ASA, which is planning to change name to Kværner ASA. The Kvaerner Phladelphia shipyard will formally be a part of this piece of the Roekke empire, though it will plug in to the new Aker Yards, which is to be headed by Karl Erik Kjelstad.

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