15IO Euro.bk. 36

RNS Number:6819W
Kvaerner PLC
4 January 2001


Kvaerner completes sale of Baltic Exchange site in City of London 

LONDON, 4 JANUARY 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that it has completed the sale of its
Baltic Exchange site in the City of London, to Swiss Reinsurance Company, the
Zurich-based reinsurers, for the sum of NOK 1.2 billion (#90.6 million). 
Kvaerner announced in 1998 that it had exchanged contracts with SwissRe. 
Completion of the transaction was conditional upon the appropriate planning
consents.  

The consents were granted in the summer of 2000, and the UK's Secretary of
State for the Environment, Transport and the Regions, later decided that he
should not intervene in the planning process by calling in proposals for
redevelopment of the site.  Completion of the contract took place on January
3, 2001, and the cash proceeds of NOK 1.2 billion was paid to Kvaerner on the
same day.

The accounting gain on the transaction amounts to NOK 475 million, of which,
NOK 400 million was booked in the third quarter of 2000.  The balance of NOK
75 million will be booked in the fourth quarter, 2000.


For further information:

Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20
7339 1035 or +44 (0)7768 813090 

Notes to editors:

Kvaerner is a world-class Anglo-Norwegian engineering and construction group
with the capability and resources to undertake the world's most challenging
projects.  Today's Kvaerner is an industrial technology provider.  It meets
the needs of its customers by adding value to their business - through the
provision of innovative, cost-effective solutions to engineering, contracting
and construction challenges. The Group's activities are organised in two core
business areas: E&C (Engineering and Construction), and Oil & Gas.  Other
current activities, which include shipbuilding and pulping equipment, are to
be sold. Kvaerner is a Norwegian registered business, but has a London,
UK-based international headquarters. The Group has annual revenues of
approximately US$8.5 billion, with some 35,000 permanent staff located in
almost 35 countries throughout Europe, Asia and the Americas.

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