Acquisition

RNS Number:9131D
Kvaerner PLC
21 May 2001


Kvaerner strengthens its Oil & Gas presence in Houston 

LONDON, 21 MAY 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group today announced that it has entered into an agreement to
acquire Enercon Engineering, Inc., a Houston-based design, engineering and
project management company, employing close to 100 people.  Enercon's
activities are focused on projects, particular in deep waters, in the Gulf of
Mexico.

"This acquisition is a further step in the strategy to increase our presence
in regions where we will see growth in the future, said Jan T. Jorgensen,
Chief Executive of the Kvaerner Oil & Gas business activities. Combined with
our present field development and engineering resources in Houston, this
acquisition will significantly strengthen Kvaerner's relationship with
companies operating in the global deepwater market out of Houston," he said.

Enercon Engineering Inc. has a strong track record in the Gulf of Mexico. 
Since its inception it has successfully completed more than 150 projects, more
than a half of them in the Gulf of Mexico.  These  include several deepwater
projects, among them, the detailed design and engineering for the jacket of
the fourth deepest fixed platform in the world, located at a water depth of
1,130 feet in the Gulf of Mexico.

The current field development staff of Kvaerner Oil & Gas in Houston and
Enercon Engineering will be merged into one organisation.  All key personnel
of Enercon have committed to stay with the new company, and further
strengthening of the competence of the new entity will be sought by the
sourcing of expertise from other parts of the Group's global oil and gas
activities. Together with Kvaerner's other engineering resources located in
Houston, serving the petrochemical and chemical industries, Kvaerner will have
a total of 700 engineers in this region and a further 400 people employed in
Kvaerner Oilfield Products fabrication activities.

The purchase price to be paid by Kvaerner for Enercon is US$13-15 million. 
The final price will be dependent on the financial results of the unit
achieved in the years 2001 to 2005.


For further information: Lasse Petterson, President, Kvaerner Oil & Gas Field
Development U.S,, [phone], or Paul Emberley, Vice President, Group
Communications, Kvaerner PLC: [phone] or [phone] or
[e-mail]  

For further information on Enercon, see http://www.ener.com

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, Asia and the
Americas.