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Aker Biomarine Chop and Change

NORWAY - The biotechnology company Aker BioMarine has modified its management team. Aaron Kramer is the companys new Chief Financial Officer. Prior to appointment as CFO, Mr. Kramer was EVP in charge of business development and strategy.

“We are focusing more closely on Aker BioMarine’s core activities: harvesting krill and processing this unique natural resource into high-value, bioactive products for human health and wellbeing markets and niche products for the aquaculture industry. Operational efficiency will also be sharpened by our management changes,” says Kjell Inge Røkke, the CEO of Aker BioMarine.

Changes to Aker BioMarine’s organizational chart have resulted in the departure of Nils Brendemo and Sjur Tveite. Mr. Brendemo was the company’s CFO. Mr. Tveite, an EVP, ran Aker BioMarine’s Aqua & Animal business activities, which are being integrated into the Group’s Upstream Operations.

“We regret that our managerial changes have impacted such highly skilled colleagues. Brendemo and Tveite have made outstanding contributions, and I am grateful for all they have done to advance Aker BioMarine,” says Kjell Inge Røkke.

Mr. Røkke assumed the CEO’s post at Aker BioMarine last week. In so doing, he made it clear that he is in charge on an interim basis, yet will remain heavily involved in the company’s development in the time ahead.

“This project will demand the utmost from each of us. Our goal is to forge the company’s ground-breaking efforts to deliver krill-based niche products for aquaculture applications, dietary supplements, and food additives in international growth markets,” says Mr. Røkke.

“Aaron Kramer is thoroughly familiar with Aker BioMarine’s operations, and I have come to know him as a man with a great deal to contribute. We are considering various opportunities during this intensive period. Soon, key conclusions will be drawn, and we have scheduled a Capital Markets Day meeting with shareholders, analysts, and other interested parties in Oslo on 17 September 2008,” says Mr. Røkke.

Aker BioMarine’s new management team comprises Kjell Inge Røkke, CEO; Aaron Kramer, CFO; Webjørn Eikrem, EVP Upstream Operations; Svein Ivar Holm, EVP Production; Jostein Dalland, EVP Sales and Marketing; and Hogne Vik, EVP Documentation.

Trond Williksen, formerly EVP Upstream Operations, will be even more closely engaged in running the Group’s fisheries activities in Argentina and the Faeroe Islands, and will no longer be a member of the Group management team.