Kvaerner has announced the appointment of Kristian Siem as its new President and CEO. Mr Siem succeeds Kjell E Almskog, who resigned his position today. Kristian Siem (51) has been a director of the Kvaerner Board since May 2001. Kristian Siem is also Chairman of Siem Industries, an industrial holding company which includes offshore and onshore oil and gas drilling, and subsea construction, in Norway and the USA. He also serves on several boards of Norwegian and international companies. Mr Siem is a Norwegian citizen, and is resident in the UK.