Stmnt re Board of Directors

RNS Number:9165N
Kvaerner PLC
29 November 2001


New board of directors proposed for Kvaerner

LONDON, 29 NOVEMBER 2001: Kvaerner, the international engineering and
construction Group today said that the Board election committee had reached a
decision concerning nominations for a new Board to be elected at the
Extraordinary General Meeting in Oslo, Norway, later today.  The nominations
are as follows:  Kjell Inge Rokke, Helge Lund, Anders Eckhoff, Tore Tonne,
Reidar Lund, and Yngve Hagensen.  

The election committee consists of Ragnhild Wilborg (Chairman), head of
investments for ODIN Forvaltning, Allan Akerstedt, president of Storebrand
Kapitalforvaltning, and Kjell Inge Rokke, Chairman of Aker RGI. 

The current Board of Kvaerner advised the election committee yesterday that
its members were prepared to resign their positions following the announcement
of a preliminary agreement between Kvaerner and Aker Maritime.  As a
consequence, the election committee received a proposal for a new board from
Aker Maritime ASA.  The committee consulted with other major shareholders and
concluded that there were no objections to the proposal by Aker Maritime; no
additional or alternative proposals were given to the election committee.


For more information: 

Paul Emberley, Vice President Group Communications: [phone] 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. Other activities currently also include
shipbuilding and pulping equipment. The Group has annual revenues in excess of
US$6 billion, with some 34,000 permanent staff located in some 35 countries
throughout Europe, Africa, Asia and the Americas.