Terje R. Venold extends his tenure as CEO of Veidekke

To the pleasure of the board and management of Veidekke ASA, Terje R. Venold

(60) has agreed to continue as CEO beyond the previously agreed tenure.

Venold has been CEO of Veidekke ASA since 1989, and in accordance with his

previous agreement, he may resign at the age of 62. On behalf of Veidekke's

board of directors, chairman Martin Mæland has however encourage Venold to

continue as CEO beyond the agreed period, in the first instance until the age of

"Seeing Veidekke's ability to handle the financial crisis which is now in the

past, and how opportunities and challenges have been handled during Venold's

tenure, we on the board are very satisfied that he has agreed to continue as

CEO," says Martin Mæland, chairman of the board of Veidekke ASA.

"Venold is clearly motivated for the job and has the ability to inspire the

organization to go the extra mile. People are the most important factor for a

modern construction and property development business, and people need to be

inspired and motivated. Venold has proved that he is capable of this, and also

of building a corporate culture for the future," concludes Mæland.

For more information please contact:

Chairman of the board Martin Mæland, mobile + 47 907 91 079

Executive Vice President, Communication and Public Affairs, Kai Krüger

Henriksen, mobile +47 905 19 360

Veidekke is one of Scandinavia's largest contractors with 6,000 employees and a

turnover of NOK 16 billion. Activities include building and construction

projects, residential developments, asphalt plants, gravel and aggregates, road

maintenance and recycling. Our values are professional, honest, enthusiastic and

pioneering. Our goals for health, safety and the environment, HSE, have equal

status with our financial goals. Veidekke is characterized by a decentralized

organizational model with a strong corporate culture and a high degree of

employee involvement. Over half the employees are co-owners, holding 20% of

Veidekke's shares between them. The company is listed on the Oslo Stock Exchange

and has never declared a loss since it was founded in 1936.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1470774]

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