Relocation of Grp.Management

RNS Number:9260K
Kvaerner ASA
1 October 2001


Kvaerner Group management to relocate to Norway

LONDON, 1 OCTOBER 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that its Board had decided to relocate its
Group management from London to Kvaerner's head office at Lysaker, Oslo,
Norway.   This relocation will also include the senior management of
Kvaerner's Oil & Gas business area.  The management of the E&C business area
will remain in London.  The relocation will take place progressively over the
next few months, as and when business circumstances allow.

The decision to relocate the Group's management follows three years of
restructuring, involving the disposal of a substantial number of UK-based
business activities, including the comprehensive activities of its former
building and civil engineering operations.  With the current mix of
activities, and with Oslo being the larger market-place for the trading in
Kvaerner shares, it has now been judged more efficient to relocate the Group's
senior executives to Norway.

The effects of this decision upon other Group staff units will now be analysed
in close consultation with the employees involved.

For more information:  

Paul Emberley, Vice President Group Communications: [phone] or 
[phone].

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.