KVR Kvaerner Asa

RNS Number:9267L
Kvaerner ASA
22 October 2001

Kvaerner enters into an agreement in principle to sell activities to Yukos Oil
for US$100 million

LONDON, 22 OCTOBER 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that is has reached an agreement in
principle to sell Kvaerner Oil & Gas' London based Hydrocarbons business and
Kvaerner Process Technology, to Yukos Oil Company of Russia. The total
consideration for the sale amounts to US$100 million to be paid in cash upon
conclusion of a final agreement.

Kvaerner Hydrocarbons, part of the Group's Oil & Gas business area, provides
engineering services, mainly to onshore oil and gas projects.  The business
employs approximately 600 people, the majority of which located in London. The
sale of Kvaerner Process Technology includes Kvaerner Heurty.  Both of these
businesses are part of the Kvaerner E&C business area, and are engaged in
research, development, testing and the sale of process technologies and
equipment. These businesses employ approximately 375 people located in the UK,
Switzerland, France and Italy. 

The sale is subject to satisfactory completion of due diligence, final
agreement, and to approval both by the current Kvaerner Board - and the Board
expected to be elected on November 2nd.  The sale is also subject to certain
other necessary approvals. The final sale agreement is expected to be entered
into by the end of November and the sale completed as soon as possible
thereafter.


For further information: 
Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20
7339 1035 or +44 (0)7768 813090 or paul.emberley@kvaerner.com 

Notes 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, Africa, Asia and the Americas.

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