Re Contract

RNS Number:8814M
Kvaerner PLC
9 November 2001

Kvaerner secures important contracts from Shell UK
LONDON, 9 NOVEMBER 2001: Kvaerner, the international engineering and
construction Group, today announced that it has been awarded a Frame Agreement
from Shell UK Exploration and Production, for the supply of subsea umbilicals.
 The Frame Agreement, awarded to Kvaerner Oilfield Products, has an estimated
value of approximately NOK 400 million over the next three years, with the
first call-off expected in December 2001 / January 2002.
Additionally, Shell UK Exploration and Production has also awarded Kvaerner a
contract for the supply of umbilicals for the Penguins Development.  This
contract is valued at NOK 186 million. The scope of work includes project
management, engineering and the manufacture of steel tube umbilicals. The
umbilicals will be manufactured at Kvaerner Oilfield Products' purpose-built
manufacturing facility in Moss, Norway.
The Frame Agreement has a duration of three years, and Shell has expressed its
intention to expand this into a global agreement for subsea umbilicals.

For further information Raymond Carlsen, President, Kvaerner Oilfield
Products, [phone] or Paul Emberley, Vice President, Group
Communications, [phone] or [e-mail] .

Note to editors:  Kvaerner is a world-class international engineering and
construction group. The Group's activities are organised in two core business
areas: E&C (engineering and construction), and Oil & Gas.  It also has
interests in shipbuilding and the provision of services to the pulping
industry.  The Group has annual revenues of more than US$6 billion, with some
35,000 permanent staff located in almost 35 countries throughout Europe,
Africa, Asia and the Americas.