15IO Euro.bk. 36

RNS Number:0116F
Kvaerner PLC
11 June 2001

Settlement secured in dispute between Kvaerner and Transocean

LONDON, 11 JUNE 2001: Kvaerner Oil & Gas and Transocean Offshore (NorthSea)
have today reached an out-of-court settlement in the dispute that was heard in
the Stavanger City Court last autumn.  Kvaerner claimed additional
compensation for variation works and disruptions in connection with the
modifications works on the drilling rig 'Transocean 8' in 1997.

The settlement implies that Transocean will pay the sum of NOK 120 million to
Kvaerner.  This sum will have a nominal effect on Kvaerner's results.  Both
parties made a joint application to have the case dismissed prior to judgement
being entered. 
      

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

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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