15IO Euro.bk. 36

RNS Number:6934C
Kvaerner PLC
26 April 2001


Kvaerner secures US$120 million power plant contract from Calpine, in
Pennsylvania, USA

LONDON, 26 APRIL 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that it has been awarded a US$120 million
contract by Calpine Corporation, to build a 563MW natural gas, combined-cycle
merchant power plant project in Pennsylvania, USA.

Keith Henry, CEO of Kvaerner's core E&C business, commented: "With the current
energy crisis in America - and the country's ever-increasing demand for power
set to reach new records over the next decade - there is huge demand for
experienced power construction suppliers in the market-place.  The strategic
alignment we already have with major independent power producers in the U.S. -
together with our long history in the industry, puts Kvaerner in a strong
position to respond swiftly in that market," he said.  "Kvaerner is an
alliance partner with Calpine and this is the second award to us.  This high
level of activity is set to continue, and we're currently bidding for several
further projects in the sector.  We have the resources and technical expertise
to help accelerate construction in the energy market - and this is a position
we intend to optimise," Henry concluded.

Kvaerner will act as prime contractor for Calpine's Ontelaunee Energy Center,
located in Reading, Pennsylvania, and it will execute the project on a union
direct hire basis supplemented by speciality subcontractors.  Major activities
being undertaken by Kvaerner's construction team include site management,
underground utilities, foundations, structural steel, and all major mechanical
equipment installations.  Calpine will own and operate the plant, which, is
scheduled for completion in mid-2002.

During 2000, Calpine Corporation also awarded Kvaerner a lump-sum turnkey
US$105 million construction contract for another power plant in Baytown, Texas
- an 800MW co-generation facility.  Other major energy projects in the U.S.
include a 540MW gas-fired power plant for Kinder Morgan, and a selective
catalytic reduction installation for Allegheny Energy.  Kvaerner is also
currently undertaking a waste to energy plant for United Waste, on the Isle of
Man.  


For further information: 

In the UK, Paul Emberley, Vice President, Group Communications, Kvaerner PLC:
+44 (0)20 7339 1035 or +44 (0)7768 813090 or paul.emberley@kvaerner.com 
Vanessa Mourant, Communications Manager, Kvaerner E&C: +44 (0)20 7957 3290 
or +44 (0)7771 806566  vanessa.mourant@kvaerner.com 
In the U.S., Terry Alderson, Kvaerner E&C, Washington, Pennsylvannia:  +1 724
223 0800 or terry.alderson@kvaerner.com 
or visit the Group web-site at http://www.kvaerner.com 


Notes to editors:

1. 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.

2. The E&C business area of Kvaerner specialises in the provision of process
technology, design, engineering, project management, procurement and
construction to a number of industrial sectors on a worldwide basis: chemicals
and polymers, pharmaceuticals, oil and gas, water, energy, nuclear, minerals,
mining, steel and transportation.  Kvaerner's breadth of capability is unique
among its competitors.  It offers the complete range of services that are
necessary to realise global projects from conception to start-up.  These
services include a portfolio of advanced process technologies, research and
development, test work, a full range of engineering studies (including
bankable feasibility and environmental studies), total project management,
engineering and design, procurement, construction and maintenance services.   
Kvaerner E&C employs more than 9,000 people operating from over 30 offices
worldwide.  This global reach enables Kvaerner to tailor its services and
resources to suit individual client needs and market conditions to provide
cost-effective technical solutions.

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