Kvaerner - Expiry of Creditor Notice Period; Timetable for Consummation of the Demerger
The creditor notice period applicable to the demerger of Aker Solutions expired
at 24:00 hours CET on 6 July 2011. All conditions to consummation of the
demerger have accordingly been satisfied and the consummation of the demerger
will be registered with the Norwegian Registry of Business Enterprises (Nw.
Foretaksregisteret) following close of trading on the Oslo Stock Exchange (Nw.
Oslo BÃ¸rs) today.
Set out below are certain key dates in connection with the consummation of the
demerger and the listing of the Kvaerner shares on the Oslo Stock Exchange.
Last day of trading in the Aker Solutions shares inclusive of right to Kvaerner
shares: 7 July 2011*
Registration of the consummation of the demerger: 7 July 2011 (after close of
First day of trading in the Aker Solutions shares exclusive of right to Kvaerner
shares: 8 July 2011
First day of trading in the Kvaerner shares on the Oslo Stock Exchange: 8 July
Record date for determination of eligible Aker Solutions shareholders: 12 July
Delivery of Kvaerner shares to eligible Aker Solutions shareholders' VPS
accounts: 13 July 2011
* Shareholders of Aker Solutions as of expiry of 7 July 2011 (cut-off date), as
such shareholders appear in the shareholders register of Aker Solutions with the
Norwegian Central Securities Depositary (VPS) as of expiry of 12 July 2011
(record date), will receive one consideration share in Kvaerner for each share
they own in Aker Solutions as of expiry of the cut-off date as recorded with the
VPS as of expiry of the record date.
Trading in the Kvaerner shares will commence prior to delivery of such shares to
eligible shareholders VPS accounts. No account-to-account transactions and no
transactions with settlement prior to 13 July 2011 will be allowed in this
For further information, please contact:
Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob:
+47 950 38Â 364
Mariken Holter, SVP Corporate Communications, Kvaerner, Tel: +47 67 52 74 35,
Mob: +47 91 78 73 58
With more than 3 500 HSE-focused and experienced employees, Kvaerner is a
specialised provider of engineering, procurement and construction (EPC) services
for offshore platforms and onshore plants. Kvaerner, through its subsidiaries
and affiliates, is an international contractor that plans and realises some of
the world's most demanding projects as a preferred partner for upstream and
downstream oil and gas operators, industrial companies and other engineering and
In 2010, the Kvaerner group had aggregated annual revenues of more than NOK
13.3 billion and the company had an order backlog per 1 April 2011 of more than
NOK 15.6 billion. Kvaerner aims to be publicly listed at the Oslo Stock Exchange
in July 2011. Until this process is completed, Kvaerner is owned 100 percent by
Aker Solutions ASA. For further information, please see www.kvaerner.com and
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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Source: KvÃ¦rner ASA via Thomson Reuters ONE