15IO Euro.bk. 36

RNS Number:1578P
Kvaerner PLC
21 December 2001


Kvaerner names Helge Lund as new CEO

LONDON, 21 DECEMBER 2001: Kvaerner, the international engineering and
construction Group, today announced the appointment of Helge Lund (39) as its
new President & CEO.  Mr Lund succeeds Kristian Siem who has held the position
during a transitional period from the beginning of November.  Mr Lund, who was
appointed to the Board of Kvaerner on November 29, 2001, will take up his
position on January 1, 2002.

As President & CEO, Helge Lund's remuneration package will include an annual
salary of NOK 4 million.  He will receive a twelve-month salary guarantee. 
Upon appointment, Mr Lund will invest approximately NOK 5 million in Kvaerner
shares (to be purchased in the market).  He will then be offered an option to
buy four times the value of his original investment - at a rate equal to the
average price of the shares on the final day of trading this year.   This
option can be exercised at any given time until December 31, 2004.  Mr Lund
will pay an option interest rate of 7 per cent.

Helge Lund is a graduate of the Norwegian School of Economics and Business
Administration in Bergen and was a political adviser in the Conservative
Party's parliamentary group and a consultant at McKinsey & Co before he joined
the Hafslund Nycomed industrial company in 1993. From 1997, he was managing
director of Nycomed Pharma for a period of two years.  In 1999, he moved to
Aker RGI where he is now Deputy President and CEO. Prior to his appointment to
the Board of Kvaerner, he was also Deputy Chairman of Aker Maritime.
Mr Lund is a Norwegian citizen, is married with two children, and resides in
Oslo.

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.  The Group has annual revenues
of more than US$6 billion, with some 35,000 permanent staff located in more
than 35 countries throughout Europe, Africa, Asia and the Americas. 

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