Re Directorate

RNS Number:4652M
Kvaerner ASA
1 November 2001


Kvaerner names Kristian Siem as new CEO

LONDON, 1 NOVEMBER 2001: Kvaerner, the international engineering and
construction Group, announced last night the appointment of Kristian Siem as
its new President & CEO.  Mr Siem succeeds Kjell E Almskog who resigned his
position today.  Kristian Siem,  (51) has been a director of the Kvaerner
Board since May 2001.

Speaking about today's announcement, Harald Arnkvaern, Chairman of Kvaerner,
said:  "Kristian Siem is an astute industrial leader - and will take up this
full-time executive role with immediate effect.  He has committed to serve in
this position for as long as his services can be of benefit during this
important transitional period."

Kristian Siem is also Chairman of Siem Industries, an industrial holding
company which includes offshore and onshore oil and gas drilling, and subsea
construction, in Norway and the USA.  He also serves on several boards of
Norwegian and international companies.

Mr Siem is a Norwegian citizen, and is resident in the UK.  His remuneration
will be established based on the average paid to CEO's in three of Norway's
major industrial companies. 


For more information: 
Paul Emberley, Vice President Group Communications: [phone] or 
[phone] or [e-mail]
 
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.  Kvaerner is a Norwegian
registered business, but has a London, UK-based international headquarters. 
The Group has annual revenues of more than US$6 billion, with some 35,000
permanent staff located in almost 35 countries throughout Europe, Africa, Asia
and the Americas.