"We are pleased that we have reached an early agreement with the Pension Fund, removing uncertainty with regard to our future annual cash contribution to the plan. This gives us a predictable platform on which we can further develop the operational performance of the Group," commented Helge Lund, President & CEO of Aker Kvaerner.
During the last year and in light of the falling stock markets, Aker Kvaerner has placed extra effort in the management of its UK pension assets, to the mutual benefit of the Group and the members of the pension plan.
"With this agreement, our annual cash contribution is on a normal level for our operations in the UK. Contribution to the UK Pension Fund represents around one per cent of the total salaries, wages and social securities costs in the Group," commented Mr Lund.
The Pension Fund's decision to approve the agreement is based on thorough assessments of the minimal funding required by law and recommendations from its actuary.
For further information, please contact:
Media:
Geir Arne Drangeid, Senior Vice President, Group Communications, Tel: +47 913 10 458
Investor relations:
Tore Langballe, Vice President, Group Communications. Tel: +47 6751 3106