Fthr re Loan Facilities

RNS Number:1331M
Kvaerner ASA
25 October 2001


Kvaerner's liquidity

LONDON, 25 OCTOBER 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, said today that in its announcement of 18 October this
year the Group provided details of new short-term loan facilities, together
with uncertainties attached to the current cash forecasts of the Group.

In September and October the Group entered into agreements for two new
short-term loan facilities of NOK 800 million and NOK 500 million, in order to
meet the requirements for short-term funding.  It also said in its
announcement, that due to the current situation surrounding the Company, a
significant level of uncertainty is attached to the current forecasts.  One
element of that uncertainty is the ability of the Company to satisfy the
necessary conditions to enable it to draw down the final part of the NOK 800
million facility.  Furthermore, the forecast was based on the assumption that
Kvaerner would be in a position to utilise all of its cash, including the NOK
500 million facility, for the financing of any part of the Group

So far, it has not been possible to remove these uncertainties.  Legal
considerations may obstruct the Company from accessing considerable amounts of
cash tied up in subsidiaries.  The Board and Management of the Group are
working strenuously to resolve these complex legal issues.  If it proves
impossible to resolve these issues, the Group will face a serious and
immediate shortfall of cash.

It is expected that the position of the company will become fully clarified
during the coming weekend.

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 

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.  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, Africa, Asia and the Americas.

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