15IO Euro.bk. 36

RNS Number:4871O
Kvaerner PLC
11 December 2001

Kvaerner decides to retain Pulp & Paper business

LONDON, 11 DECEMBER 2001: Kvaerner, the international engineering and
construction Group, today announced that it has decided to withdraw its Pulp &
Paper activities from sale.  Following a new review, the Group has decided
instead to focus its efforts on making improvements within its Pulp & Paper
activities.

Commenting on today's announcement, Hans Petter Finne, CEO of Kvaerner
Investments, said: "We have decided to call off the sales process, and instead
to concentrate our efforts on performance improvement within Pulp & Paper.  I
believe there is scope for further improvements - and this will result in a
stronger business all round, improved profitability and a higher value in the
long run."  Finne concluded: "For the time being, it has not been possible to
conclude a sale that would have been in the best interests of our
shareholders. 

Kvaerner recently announced that its Pulp & Paper, Shipbuilding, and other
mechanical engineering businesses and investments would be organised under
'Kvaerner Investments AS'.  Hans Petter Finne was appointed CEO of the
business area from 1 November.  Athol Trickett is President of Kvaerner Pulp &
Paper. 


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 34,000 permanent staff located in some 35
countries throughout Europe, Africa, Asia and the Americas. 

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