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KONGSBERG appoints new CEO

VARIOUS NEWS

13. September 2007

Walter Qvam
KONGSBERG's Board of Directors has appointed Walter Qvam (54) as CEO to succeed Jan Erik Korssjøen, who will be retiring in spring 2008.

KONGSBERG's Board of Directors has appointed Walter Qvam (54) as CEO to succeed Jan Erik Korssjøen, who will be retiring in spring 2008.

Walter Qvam is a graduate engineer with broad management experience from the national and international arenas (see attached resume).

"It has been common knowledge for quite some time that Korssjøen is planning to retire soon. Consequently, the Board has been looking for Korssjøen's successor for some time", states Finn Jebsen, Chair of the Board. "KONGSBERG is making strong progress in almost all areas, so we attached importance to finding a CEO who will continue to promote growth while fitting smoothly into KONGSBERG's corporate culture. In our opinion, Qvam's background and personality made him an excellent candidate for the job. Qvam will start working at KONGSBERG towards year end and is scheduled to take over the helm as CEO on 1 March 2008", continues Jebsen.

"I am really looking forward to this", remarks Walter Qvam. "KONGSBERG is a dynamic technology company with strong market positions, good products and many talented co-workers the world over. Coupled with the strong influx of new orders booked lately, I have a very positive impression of the Group and I look forward to developing it further."

Jan Erik Korssjøen will be retiring in spring 2008. Korssjøen has been CEO since 1999. "I'm convinced the Board has made a good choice and that KONGSBERG's owners and employees can all look forward to continued progress for the Group. I congratulate Qvam on his appointment and wish him the very best of luck in this fascinating job", comments Korssjøen.

Resume - Walter Qvam

Walter Qvam (54) lives at Billingstad in Asker. He is married and has two adult daughters. He graduated from what is now the Norwegian University of Science and Technology with a degree in engineering in 1979 and pursued further studies at INSEAD in Singapore (1985).

Walter Qvam has held leading positions with several prominent Norwegian and international businesses that operate in the fields of oil/gas technology, IT, transportation and consultancy.

Among other things, he has headed DNV's oil and industrial activities in the Nordic countries, been vice president and headed passenger/cargo activities for the Norwegian State Railways (NSB), headed Gemini Consulting's Nordic activities, been president of Capgemini in Norway and has held leading positions in Capgemini's international operations in Stockholm and Utrecht.

His most recent job has been as a partner in Bene Agere, a Norwegian strategy and consultancy company established in 2005.

Walter Qvam began his career at Det Norske Veritas (DNV) in 1980 with project work and managerial positions in oil and gas technology and industrial services. He was stationed in Oslo, Stavanger and Singapore. Qvam headed the subsidiary Veritec in Southeast Asia and later in Norway.

After DNV, from 1994 to 1995, he headed passenger and cargo operations at the Norwegian State Railways (NSB), serving on the management team that restructured Norway's railway services.

From 1995 to 2005, Qvam held managerial positions in several international competence organisations such as Gemini Consulting (approx. 1800 employees) and Capgemini (approx. 60 000 employees). He was in charge of Gemini Consulting's Nordic energy practice up to 1998 and later headed the Group's Nordic operations. In 2000, Capgemini merged with Ernst and Young Consulting and Gemini Consulting. Qvam subsequently headed the merged Norwegian undertaking. As from 2002, he was based in Stockholm as sales manager for Capgemini's Nordic business activities, and was later responsible for the Group's aggregate consultancy services in Northern Europe and Asia from his base in Utrecht, The Netherlands.

In 2005, Qvam became a co-founder of Bene Agere AS, an enterprise that offers strategy and consultancy services to private and public undertakings. He has been a partner in the company ever since.

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