Aker Kvaerner Under Police Investigation in Moscow

Russian police have visited the Aker Kvaerner Engineering & Technology representation office in Moscow to inquire about a complaint from a former Russian business partner regarding Aker Kvaerner Engineering & Technology's acquisition of 56 percent ownership in Astrakhan Korabel. The inquiry concerns Aker Kvaerner Engineering & Technology's acquisition of shares from the Finnish company RR Offshore Oy.

"The acquisition was conducted in accordance with Aker Kvaerner's contractual rights under credit facility and pledge agreements with RR Offshore Oy and in accordance with all relevant laws and regulations," says Martinus Brandal, President & CEO, Aker Kvaerner.

There were 14 employees working in the office when the police started investigation, of them 11 Russian citizens and three Norwegians.

"The North Caspian Sea is an important market for Aker Kvaerner and we are already delivering projects in this market. We are confident about the continued development of this region and we intend to strengthen our presence there," says Martinus Brandal.

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Posted 02/04/07

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