Aker Solutions Introduces New Leadership Team to Bolster Execution, Accelerate Improvements

The new organization will have five delivery centers: Customer Management, Front End, Products, Projects and Services. This set-up will help drive further standardization and accelerate a companywide improvement program to boost cost-efficiency by at least 30 percent by the end of 2017. The new team will be operational from Nov. 1.

"We are taking this step to generate even greater synergies across the group and enhance our ability to create value for customers and shareholders," said Chief Executive Officer Luis Araujo. "The move will speed up our global improvement efforts by putting in place even leaner workflows, eliminating duplication and cultivating our strengths as a leading offshore oil-services provider."

As part of the plan, Dean Watson has been named chief operating officer. Watson joins from Schlumberger, where he has held various leadership positions, and will report to Araujo.

The other executive management team members were selected internally. Valborg Lundegaard, currently head of Engineering, will lead the customer management center. Svenn Ivar Fure will continue to lead the company's front end efforts. Egil Boyum, currently head of the subsea business in Europe and Africa, will lead the products center. Knut Sandvik will lead the projects center, moving from being head of Maintenance, Modifications and Operations. David Clark, currently regional head for Europe and Africa, will lead the services center.

Svein Stoknes will remain as chief financial officer and Mark Riding will continue as head of strategy.

"The new set-up will facilitate a strategy to grow our services organization and pursue a more international business with a diverse customer base," said Araujo. "It will build on the consistently strong execution we're showing on major projects globally."

Current Head of Subsea Alan Brunnen and Head of Operational Improvement and Risk Management Tore Sjursen will remain at Aker Solutions through to the end of the year to maintain the good momentum and help in the transition to a new structure.

"I wish to thank both Tore and Alan for their strong dedication and valuable contribution over many years in the development of Aker Solutions," said Araujo. "I wish them every success."

The company will continue to report financial figures for the third quarter, fourth quarter and full year of 2016 based on the existing organizational structure.

ENDS

Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company employs approximately 13,000 people in about 20 countries. Go to http://akersolutions.com for more information on our business, people and values.

This press release may include forward-looking information or statements and is subject to our disclaimer, see http://akersolutions.com