Kjell Karlsen joined the Sea Launch team in 1999, as Vice President and Chief Financial Officer. In 2002, he was promoted to Executive VP and CFO, responsible for the overall financial and business strategy of the company, including development of a long-term business plan and annual budgets.

In this position he has been overseeing finance, accounting, taxation, contracts, pricing, insurance, customer finance, and enterprise and partner services. He also has been responsible for financial reporting to the Sea Launch Board as well as business coordination with the Sea Launch partners.

"I am confident Kjell will manage a smooth transition in the company's leadership," said Bill Collopy, chairman of the Sea Launch Board.

"With nearly ten years of Sea Launch experience, he has developed a strong understanding of the organization, the operations and the unique international partnership, as well as a strong relationship with the customer community, in addition to his substantial business acumen."

Prior to joining Sea Launch, Karlsen was President of Kvaerner, Inc., the Norwegian shipbuilder's U.S. headquarters in Philadelphia.

Concurrently, he was VP of Kvaerner Financial Services, Kvaerner's U.S. treasury operation, reporting to the Treasurer of the Kvaerner Group (now Aker ASA).

From 1988-1997, Karlsen held increasingly responsible executive positions with Den norske Bank of Oslo, Norway, and its New York-based operation. He has a Bachelor of Science degree in Business Administration from the University of Oregon and a Master of Business Administration degree from Lehigh University.

Brett Carman will assume Karlsen's responsibilities as VP and CFO. Carman joined Sea Launch in 1999, most recently serving as the company's VP and Controller.

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