Group financials - highlights

First quarter 2007 consolidated revenues amounted to NOK  14 147 million up 34
percent compared with NOK 10 547 million for the same period last year, reflecting
strong markets and high activity in all business areas.

EBITDA in the first quarter of 2007 was NOK 856 million, compared to NOK 649 million
in the first quarter of 2006, up 32 percent. The EBITDA margin was 6.1 percent.
EBITDA for the first quarter last year was impacted by a one-time sales gain of NOK
87 million from the divestment of Aker Kværner Power & Automation Systems.

Order intake in the first quarter was NOK 17.3 billion up 34 percent compared with
the same period last year. At the end of March the order backlog was NOK 62.8
billion, an increase of 24 percent from end of first quarter 2006 and a 5 percent
increase from end of 2006. The growth represents both new contracts and a strong
growth in existing contracts

Aker Kvaerner Engineering Services

Bjørn Erik Næss, EVP and Chief Financial Officer for Aker Kvaerner Group, commented,
"We are very happy to see that Aker Kvaerner's Engineering Services business in the
UK has been turned around. With its focused strategy, the business' financial
performance is improving, and it is generally doing very well."

Dave Ley, President of Aker Kvaerner Engineering Services, added, "The future is
looking good for Aker Kvaerner on Teesside. We are performing profitably in the
sectors we serve with Nuclear, in particular, looking promising, and we have already
announced some key contract wins so far this year. With these successes and current
prospects, we could easily look to recruit a further 100 engineers this year. We are
very proud to be able to show Aker Kvaerner group and our stakeholders how the
Stockton operation has developed and look forward to a very bright future."

Further information on Group financials

Cash flow from operating activities was negative NOK 1 561 million in the first
quarter of 2007, reflecting a NOK 2 489 million increase in net current operating
assets. Negative net current operating assets of NOK 2 172 million have reversed and
the balance at quarter end was NOK 317 million. This is mainly due to a reduction in
prepayments on contracts.

Cash and bank deposits at the end of the first quarter were reduced to NOK 3.4
billion. Undrawn committed long-term bank revolving credit facilities amounted to
NOK 6.2 billion, representing a total liquidity buffer of NOK 9.6 billion. In
addition, NOK 2 379 million is pledged for the defeased loan of EUR 260 million.
 
Long-term interest bearing debt remained at NOK 2.1 billion at the end of the first
quarter 2007. Net interest bearing receivables is positive at NOK 1.9 billion.
 
The equity ratio at the end of the first quarter was 19.9 percent, a reduction from
25.8 percent at year end 2006 as a dividend of NOK 2 201 million was booked as debt
after the approval by the Annual General Meeting held in the first quarter.
 
During the first quarter Aker Kvaerner announced a buy-back of 483 000 own shares.
In connection with the  Annual General Meeting held 29 March, it was decided to
split the shares 1 to 5 and to further cancel 1 146 170 of the own new shares. After
the split and cancellation of shares, Aker Kværner currently holds 1 268 830 of the
company's 274 000 000 outstanding shares, or 0.463 percent. The shares were traded
ex dividends and based on the split from 30 March.
 
Aker Kvaerner optimizes its operations

To further strengthen its offering and become more transparent to the market, Aker
Kvaerner is optimizing its operations by transforming its existing six business
areas into five global business areas. By better combining those specialised units
which work within the same market segments, we can strengthen the capacity and our
offering of services and solutions to all markets. It will also enable more
effective use of our total resources. The change supports the company's stated
objective for further profitable growth.
 
For reporting purposes the main consequence of the organisational changes is the
transfer of the India based engineering business, Aker Kvaerner Powergas, from Field
Development to Process & Construction. Other changes are the transfer of the
subsurface activity in MMO to Products & Technologies, and the Malaysia-based
engineering business transfer from Field Development to Subsea. Historical
information has been restated to reflect these changes.