Aker Kvaerner Holding’s Board of Directors refutes Dagens Naeringsliv’s claims

17.02 2014 18:12

Press release from Aker Kvaerner Holding

The Board of Directors of Aker Kvaerner Holding AS today sent its account of the Aker Wayfarer transactions to Norway's Trade and Industry Minister Monica Maeland. The background for the report are the serious allegations made by the Norwegian business newspaper Dagens Naeringsliv (DN).

“DN’s claims are refuted,” said acting chairman Bjarne Borgersen in Aker Kvaerner Holding. “This account is based on a thorough report submitted by Aker Solutions and on a new assessment conducted by Aker Kvaerner Holding of its own processes surrounding the Aker Wayfarer transactions in 2009 and 2010. All parties involved have contributed to the assessment. There is no foundation to the allegations that the transactions were entered into with the intent of transferring values to Aker ASA. The process for entering into the agreements was correct and fulfilled all legal requirements.”

Aker Kvaerner Holding’s conclusion:

The Board of Aker Kvaerner Holding is of the opinion that the evidence provided by Aker Solutions, Aker and Aker Kvaerner Holding provide a thorough and complete assessment of the 2009 Aker Wayfarer transactions. Based on this material and the Board’s own evaluation, it is found that there are no grounds for the allegations made by DN.

The Board of Aker Kvaerner Holding concludes that:

  • The charter and sales agreements for Aker Wayfarer in 2009 were entered on market terms, following appropriate, standard proceedings by Aker Solutions and Aker Kvaerner Holding. There are no grounds to claim that an illegal transfer of values took place between the parties involved in the transactions. Aker Kvaerner Holding’s owners concluded in 2009 that the transactions were of commercial value to Aker Solutions.
  • The annulment of the agreement proposed by Aker Solutions in 2010, which Aker found acceptable, was cancelled due to objections raised by the Board of Aker Kvaerner Holding. This outcome was commercially unfavourable to Aker Solutions then and now. Accordingly, Aker Kvaerner Holding’s Board finds that it is incorrect to claim that Aker disinformed the Ministry of Trade and Industry regarding the discussions pertaining to the annulment in 2010.

The Norwegian Government’s representative on the Board, Else Bugge Fougner, voted against the conclusion’s second point.


Bjarne Borgersen, acting chairman of Aker Kvaerner Holding AS, tel. +47 90 10 43 64