Stmnt re Loan Facilities

RNS Number:9236K
Kvaerner ASA
1 October 2001


Kvaerner loan facilities

LONDON, 1 OCTOBER 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today said that in its announcement of 20 September 2001,
it had secured NOK 900 million in short-term loan facilities.  Of these
facilities, NOK 800 million was provided by a consortium of the Group's
leading banks and NOK 100 million provided by Aker Maritime ASA.   Kvaerner
has decided not, however, now to enter into an agreement in respect of the
latter NOK 100 million facility.

In a further announcement on 26 September 2001, the Group said that new
negotiations with the banking syndicate had concluded with the term of the NOK
800 million facility being extended to 31 December 2001.  Aker Maritime ASA,
however, declined such extension of the NOK 100 million facility.  The Group's
current view is that it will not need to draw on the NOK 100 million facility
before the expiry of the term 5 October 2001.  It has therefore decided not to
enter into a final agreement about this facility.


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.