15IO Euro.bk. 36

RNS Number:8799V
Kvaerner PLC
15 December 2000

Kvaerner fourth quarter exceptional items

LONDON, 15 DECEMBER 2000: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that it expects a nil contribution from
exceptional items in the fourth quarter results.

The sale of Kvaerner Construction was concluded in the fourth quarter and will
be accounted for in the year-end accounts.  The sale generated net cash
proceeds of NOK 2.2 billion and an accounting gain of NOK 550 million after
expenses and due diligence.  As previously announced, Kvaerner has retained
shared liabilities for some projects and it is considered prudent to make a
provision in the fourth quarter accounts of NOK 350 million to ensure adequate
coverage of possible losses stemming from these projects.  This leaves a net
gain of NOK 200 million.

Furthermore, some of the businesses that have been sold earlier as part of the
divestment programme have generated claims and liabilities in excess of
expectations.  Kvaerner therefore finds it appropriate to increase the general
level of provisions by NOK 200 million to ensure further protection against
future claims.

As a consequence, the net impact of exceptional items is currently expected to
be nil in the fourth quarter accounts.
 
For further information:
Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20
7339 1035 or +44 (0)7768 813090

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