15IO Euro.bk. 36

RNS Number:2644D
Kvaerner PLC
8 May 2001


New board of directors for Kvaerner

LONDON, 8 MAY 2001: Kvaerner, the Anglo-Norwegian engineering and construction
Group, today announced that a new board of directors was elected at the
Company's Annual General Meeting in Oslo, Norway, on Friday May 4, 2001. 
Harald Arnkvaern, Svein Rennemo and Kristian Siem were elected directors of
the board of Kvaerner ASA.  Johan Fr Odfjell was re-elected as a director. Ole
Enger and Kjell E Almskog were not up for election.

Harald Arnkvaern has broad experience from Norwegian business, including the
roles of CEO at Den norske Creditbank, and as chairman of Kreditkassen.  Svein
Rennemo has solid industrial experience through his background in Statoil and
his position as CEO of the petrochemical company, Borealis.  He now works as
an independent advisor.  Kristian Siem has an extensive  background as an
investor and industrial leader, his roles include the chairmanship and
non-executive directorships of NCL Holdings ASA, DSDN Sondenfjeldske ASA, and
Transocean. 

The Annual General Meeting also elected a director's selection committee.
Ragnhild Wiborg, Kjell Inge Rokke and Alan Akersted were each elected members
of the committee.

The proposed change in the Company's articles and the auditor's fee was
approved. The proposals to authorise the board to increase the share capital
by up to NOK 75,000,000 and to authorise the board to acquire treasury shares,
equal to 10 per cent of the Company's issued share capital, did not achieve
the necessary two thirds of the votes.


For further information:
Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20
7339 1035 or paul.emberley@kvaerner.com or www.kvaerner.com 

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