Re Agreement

RNS Number:0896M
Kvaerner ASA
24 October 2001



Kvaerner Board approves sale of activities to Yukos Oil

LONDON, 24 OCTOBER 2001: The Board of Kvaerner ASA, the Anglo-Norwegian
engineering and construction Group, today approved the agreement in principle
to sell Kvaerner Hydrocarbons and Kvaerner Process Technology to Yukos Oil
Company of Russia for a cash consideration of US$100 million.

The agreement in principle, which was announced on 22 October this year, was
made subject to approval by the current Kvaerner Board.  It is also subject to
approval by the new Kvaerner Board, which is expected to be elected on 2
November, as well as a final agreement and certain other necessary approvals. 
The final sale agreement is expected to be entered into by the end of November
and the sale completed soon thereafter.


For further information: 
Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20
7339 1035 or [phone] or [e-mail] 

Notes to editors:
Kvaerner is a world-class Anglo-Norwegian engineering and construction Group. 
It meets the needs of its customers by adding value to their business -
through the provision of innovative, cost-effective solutions - for challenges
in the hydrocarbons, process and metals industries.  The Group's activities
are currently organised in two core business areas: E&C (Engineering and
Construction), and Oil & Gas.  Kvaerner is a Norwegian registered business,
but has a London, UK-based international headquarters.  The Group has annual
revenues in excess of US$6 billion, with some 35,000 permanent staff located
in almost 35 countries throughout Europe, Africa, Asia and the Americas.