15IO Euro.bk. 36

RNS Number:0534X
Kvaerner PLC
11 January 2001

Kvaerner secures approximate US$30 million deepwater subsea project in Egypt

LONDON, 11 JANUARY 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that it has received a Letter of Award,
worth approximately US$30 million, from Burullus Gas Company of Egypt, (a
joint venture between BG International, Edison and EGPC).  The work involves
engineering, manufacture, testing and delivery of a deepwater subsea
production system for the Scarab/Saffron Development Project, which forms part
of the West Delta Deep Marine Concession, in the eastern Mediterranean, north
of the Nile River delta. 

The work is to be undertaken by the Egyptian Deepwater Development Consortium
(EDDC) which comprises Kvaerner Oilfield Products and Cooper Cameron.  The
total value of EDDC's award amounts to US$56 million. The project team will be
headquartered at Kvaerner's office in London.

The project is notable for the fact that the offshore fields are tied back
directly to a shore terminal with no facilities above the waterline. The
distance of the tieback is some 90 kilometres. The scope of work encompasses
project management, engineering and the supply of manifolds, xmas trees,
wellheads, controls, connection systems, intervention equipment, integration
testing and installation support. A total of eight wells will be drilled
initially, providing gas for the Egyptian National Gas Transmission System.
Further expansion may be undertaken later.

The award will provide work for Kvaerner's plant in Aberdeen, Scotland, as
well as its London engineering office.

ENDS

For further information:

Roger Trett, Vice President, Commercial, Kvaerner Oilfield Products: +44 (0)20
559 6004 or 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$7.5 billion, with some 35,000 permanent staff located in
almost 35 countries throughout Europe, Asia and the Americas.




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