Short-Term Financing

RNS Number:0529L
Kvaerner ASA
3 October 2001



Kvaerner's short-term financing

LONDON, 3 OCTOBER 2001: Kvaerner, the Anglo-Norwegian engineering and
construction today said that it had been notified by the Oslo Stock Exchange
that another source had given certain information to the Exchange concerning
Kvaerner's liquidity position.

In this connection, the Company has confirmed that its forecasts show a
short-term liquidity need.  The liquidity position of the Company was fully
known to Kvaerner's main banks during the negotiations conducted last week. 
These negotiations concluded with an extension of the short-term financial
facility of NOK 800 million.  The banks have confirmed to Kvaerner that they
will contribute in finding a solution to the short-term liquidity needs of the
Group.



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

Note 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.