15IO Euro.bk. 36

RNS Number:0482G
Kvaerner PLC
28 June 2001


Kvaerner awarded Sleipner compression project by Statoil

LONDON, 28 JUNE 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, has today been awarded a contract to upgrade Statoil's
Sleipner Vest installations.  The contract, which has a value of approximately
US$27 million, also includes an option for a further contract to connect the
Alpha Nord reservoir to the Sleipner T-platform.

The work, to be carried out at the Stavanger yard of Kvaerner Oil & Gas, will
commence immediately and is due for completion by the end of 2004.  A maximum
of some 250 people will be working on the project.

Otto Soberg, President, Kvaerner Oil & Gas Field Development, commented: "This
contract is very important to us, as it confirms Kvaerner's competitiveness on
large modifications of existing installations.  There will be a number of
these contracts in the Norwegian sector of the Continental Shelf in the
future."

The Sleipner Vest field began production in 1996 and comprises the platforms
Sleipner B and T, linked to Sleipner A, producing gas and condensate.

Kvaerner's work on the project will fulfil the original plan for expansion and
operation at the facility, ensuring the that level of production at Sleipner
Vest is maintained.  Kvaerner has also implemented conceptual studies and
pre-project work.  The Company was involved with the original development of
Sleipner Vest, through engineering, fabrication and the installation of an
11,000 ton process module for the Sleipner T platform.


For further information:

Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20
7339 1035 or +44 (0)7768 813090 or paul.emberley@kvaerner.com or Are D. Dahl,
Kvaerner Oil & Gas, Exploration, Norway:  +47 67 51 34 18.

Note 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.  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.

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