15IO Euro.bk. 36

RNS Number:6849Z
Kvaerner PLC
28 February 2001


Kvaerner and Aker Maritime

LONDON, 28 FEBRUARY 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced its initial response to the proposals by
Aker Maritime, and the company's main shareholder, for the possible
combination of some of the two companies.  Kvaerner's Board and management has
previously considered thoroughly these proposals - and sees no substantially
new elements in today's announcement in an evaluation of what would serve
Kvaerner shareholders best in the future.

Kvaerner has on a number of previous occasions presented its strategy for the
further development of its oil and gas activities.  Implicit in this strategy
is a substantial strengthening of the Company's efforts to broaden its sphere
into international markets and technology areas, especially in areas such as
sub-sea production and solutions for deepwater production.  A merger with Aker
Maritime will not provide sufficient strength to meet these challenges.

The Group also believes that the synergies presented by Aker Maritime today in
a merger of the activities are over-estimated.  This is especially apparent
when seen in the context of a revenue reduction that can be expected as a
consequence of such a merger.  Every experience indicates that the two
companies will not be able to sustain the dominating market share they will
achieve - as a consequence of the merger - and it must be expected that orders
as a result will be placed to suppliers outside Norway.

As for a merger of businesses within Shipbuilding, Kvaerner has, on several
occasions, invited Aker to participate in such a dialogue.  The Group remains
prepared to start such discussions - although the Company does not anticipate
synergy gains at the level indicated by Aker through a combined activity.

In respect of Kvaerner's other core activity of Engineering & Construction
(E&C), the Group cannot see that the presentation from Aker today proposes any
views, which Kvaerner feels would contribute to the further development of
this substantial and profitable activity.  The E&C business has consistently
produced good results and will be of pivotal importance for Kvaerner's success
internationally in the future.


For more information:  

Trond Andresen, Senior Vice President, Group Communications: +44 (0)370 856550
Paul Emberley, Vice President Group Communications: +44 (0)20 7339 1035 or +44
(0)7768 813090 or www.kvaerner.com 

Notes to editors:

Kvaerner is a world-class Anglo-Norwegian 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 almost 35 countries throughout Europe,
Asia and the Americas. 

Euro.bk. 36 (LSE:15IO)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

Euro.bk. 36 (LSE:15IO)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024