Re Contract

RNS Number:1973M
Kvaerner PLC
26 October 2001

Kvaerner Masa-Yards secures US$31 million cabin order from Germany
LONDON, 26 OCTOBER 2001: Kvaerner Masa-Yards Piikkio Works, part of the
Anglo-Norwegian engineering and construction Group, Kvaerner, has received an
order for almost 2000 cabin and bathroom modules from the German shipyard
Meyer Werft.  The order is worth more than US$35 million. 
"This order confirms the international competitiveness of Kvaerner Masa-Yards
Piikkio Works and our leading position in producing modular cabins," says
Jorma  Eloranta, President & CEO of Kvaerner Masa-Yards.
The Piikkio Works has signed a contract with the German shipyard Meyer Werft
(Jos. L. Meyer GmbH) for the delivery of nearly two thousand cabin and
bathroom modules for two cruise ships on order at Meyer Werft in Papenburg for
Royal Caribbean International.  The modules will be delivered to the shipyard
before the beginning of 2004.
Kvaerner's Piikkio Works specialises in the manufacture of modular cabins for
passenger ships and luxury cruise ships.  In 2000, the unit had annual
revenues of about FIM 600 million (approximately EUR 100 million) employing
some 300 staff at its two factories in Finland.

For further information: 
Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20
7339 1035 or [phone] or [e-mail] 
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.