Notice of EGM

RNS Number:8305L
Kvaerner ASA
19 October 2001


Kvaerner's notice of Extraordinary General Meeting

LONDON, 19 OCTOBER 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group today published details of its forthcoming Extraordinary
General Meeting:

Notice is hereby given that an Extraordinary General Meeting of Kvaerner ASA
will be held at 13:00 hrs (Norwegian time) on Friday 2nd November 2001 at
Sentrum Kongress & Scene, Arbeidersamfunnets plass 1, 0181 Oslo, Nor way.
Voting slips will be distributed at the location between 12:00 and 13:00 hrs
on 2nd November 2001.

The Agenda will be as follows:

1       Proposed Investigation
In a letter dated 5th October 2001 to the Company, Aker Maritime ASA has
requested that the Board of Directors of Kvaerner ASA calls for an
Extraordinary General Meeting to consider a motion concerning an investigation
of the Board's and the Management's administration of the Company, including
the fulfilment of the Company's disclosure obligations towards the
shareholders and the market in general during the period from 1st July 1998
until today.

Based on the press release from the company of 9th October 2001, further
discussions have been held between the Board of Kvaerner ASA and Aker Maritime
ASA regarding the scope of the investigation, and a mutual agreement has been
reached.

The Board proposes that the Extraordinary General Meeting passes the following
resolution:

"Pursuant to sections 5-25 onwards of the Norwegian Public Limited Companies
Act, the General Meeting decides that an investigation regarding the
administration of the Company and its fulfilment of the disclosure obligations
towards shareholders and the market in general, including but not limited to
section 5-7 of the Norwegian Stock Exchange Act, ref. chapters 5 and 6 of the
Stock Exchange Regulations, during the period from 1st July 1998 and until
today, be initiated.

It is anticipated that the investigation will be extended to cover the period
from 1st July 1995 until 1st July 1998, to the extent that this is desirable
to enlighten the scope of the investigation. 

The Probate Court (Asker og Baerum skifterett) will be requested to appoint an
Investigation Board comprising three people. The Investigation Board may
appoint a secretary. It is presumed that the Investigation Board commences its
investigation immediately after 1st January 2002 and the investigation will be
completed no later than 1st July 2002."

2        Election of the Board of Directors
The Board of Directors previously announced on 19th September that it had
asked the Election Committee of the Company to consider changes to the Board
of Directors and to present a proposal to the Extraordinary General Meeting of
the Company. Additionally, Yukos Oil, which recently announced acquisition of
approximately 10 per cent of the shares of the Company, have requested that
the election of the Board of Directors be placed on the agenda for the
Extraordinary General Meeting on 2nd November 2001.

                                     * * *

Pursuant to Article 7 of the Articles of Association of the Company, the
Extraordinary General Meeting will be opened and presided by the Chairman of
the Board of Directors, Mr Harald Arnkvaern.

Shareholders wishing to attend the Extraordinary General Meeting, either in
person or by proxy, must give notice by forwarding the enclosed Notice of
Attendance to Kvaerner ASA c/o Den norske Bank ASA Verdipapirser vice,
Stranden 21, NO-0021 OSLO, Nor way (telefax no. [phone] /[phone]
20 / [phone] / + 47 67 51 30 40).  The Notice of Attendance must be
received no later than by Monday 29th October 2001 at 16:00 hrs (Norwegian
time).  Shareholders may, if they wish, appoint the Chairman, Mr Harald
Arnkvaern, to act on their behalf at the Meeting.


For further information:  Paul Emberley, Vice President Group Communications,
Kvaerner PLC:  [phone] or [phone] or
[e-mail]