15IO Euro.bk. 36

RNS Number:4586H
Kvaerner PLC
25 July 2001


Kvaerner awarded US$40 million offshore modification contract from Statoil

LONDON, 25 JULY 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that it has secured a contract to upgrade
Statoil's Gullfaks A installation, to increase the gas export capacity.  The
contract, which is worth approximately US$40 million, also includes an option
for a further award of the same value, to tie the Gullfaks oil pipeline to the
platform.  Kvaerner will undertake all the engineering, procurement,
fabrication and offshore installation work.

Otto Soberg, CEO of Kvaerner Oil &Gas, Field Development commented: "It's
important for us to demonstrate that we can be competitive on such large
modification projects on platforms in production. Kvaerner recently secured a
similar contract from Statoil in connection with their Sleipner platform, and
we can expect a number of these projects on the Norwegian Continental Shelf in
the future."

Work on the project, which will be carried out from Kvaerner's office in
Stavanger, will start immediately and will be completed by the end of 2003. 
Some 100 employees will be engaged on the project.

For further information:

Otto Soberg, CEO, Kvaerner Oil & Gas, Field Development: + 47 67 59 50 50, or
Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20
7339 1035 or +44 (0)7768 813090 or paul.emberley@kvaerner.com or
http://www.kvaerner.com 

Note to editors:  Kvaerner is a world-class Anglo-Norwegian engineering and
construction Group.  It meets the needs of its customers by adding value to
their business - through the provision of innovative, cost-effective solutions
- for challenges in the hydrocarbons, process and metals industries.  The
Group's activities are currently organised in two core business areas: E&C
(Engineering and Construction), and Oil & Gas.  Kvaerner is a Norwegian
registered business, but has a London, UK-based international headquarters. 
The Group has annual revenues in excess of US$6 billion, with some 35,000
permanent staff located in almost 35 countries throughout Europe, Asia and the
Americas.

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