KVR Kvaerner Asa

RNS Number:3153N
Kvaerner ASA
19 November 2001

Kvaerner completes sale of activities to Yukos 
LONDON, 19 NOVEMBER 2001: Kvaerner, the international engineering and
construction Group, and Yukos Oil Company, the Russian oil company, today
announced that they have now completed the sale and purchase, respectively, of
the activities known as 'Kvaerner Hydrocarbons' and 'Kvaerner Process
Technology', - all necessary approvals having now been granted by Kvaerner's
lenders.  The total consideration for the sale amounts to US$100 million, of
which US$50 million has been paid in cash, following an earlier deposit
payment of US$5 million.  The balance of US$45 million will be paid to
Kvaerner on 30 November 2001.   
The subsidiary 'Kvaerner Heurtey' is excluded from the Kvaerner Process
Technology sale, as are a small number of contracts from the Kvaerner
Hydrocarbons sale.  Under the terms of the sale, Kvaerner will license to
Yukos its rights to use the brand names, 'Davy' and 'John Brown'.

ENDS
For more information: 
Paul Emberley, Vice President Group Communications: +44 (0)20 7339 1035 or 
+44 (0)7768 813090 or paul.emberley@kvaerner.com
 
Note to editors:
Kvaerner is a world-class engineering and construction group. The Group's
activities are organised in two core business areas: E&C (engineering and
construction), and Oil & Gas.  It also has interests in shipbuilding and the
provision of services to the pulping industry.  Kvaerner is a Norwegian
registered business, but has a London, UK-based international headquarters. 
The Group has annual revenues of more than US$6 billion, with some 35,000
permanent staff located in some 35 countries throughout Europe, Africa, Asia
and the Americas. 

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