Re Negotiations with Yukos

RNS Number:3237M
Kvaerner ASA
30 October 2001


Kvaerner in final negotiations about refinancing

LONDON, 30 OCTOBER 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that the Company is in final negotiations
with it's main lenders and it's largest shareholder, Yukos Oil, about a
solution for Kvaerner's short-term and a long-term financing.  Kvaerner
expects to make a further announcement in this connection within a couple of
hours.

Kvaerner has asked the stock exchange to suspend trading in its shares until
clarification is reached.

For more information:  Paul Emberley, Vice President Group Communications: +44
(0)20 7339 1035 or  [phone]. 

Note to editors:

- Kvaerner is a world-class Anglo-Norwegian 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.  Kvaerner
is a Norwegian registered business, but has a London, UK-based international
headquarters.  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.