15IO Euro.bk. 36

RNS Number:0650W
Kvaerner PLC
19 December 2000

Kvaerner to supply umbilicals for Saipem worth US$28 million
LONDON, 19 DECEMBER 2000: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that it has received a Letter of Intent
from Saipem for the manufacture and supply of production control,
electrohydraulic steel tube umbilicals.  The order, which is valued at
approximately US$28 million, is for the Canyon Express Development in the Gulf
of Mexico.  Saipem is the main contractor for the Canyon Express subsea
development.
Speaking about the award, Raymond Carlsen, President of Kvaerner Oilfield
Products in Norway, said:  "Kvaerner's selection as supplier for the Canyon
Express Development consolidates our position as one of the world's leading
supplier of umbilical systems."
The Canyon Express Development, operated by Elf Exploration, Inc. (a
TotalFinaElf affiliate), combines the production from three deep-water oil
fields.  These are BP's King's Peak, (BP, operator), Aconcagua, (Elf
Exploration, Inc., operator) and Camden Hills (Marathon Oil Company,
operator).  The depths range between 1,900 and 2,200 metres.  The Canyon
Express umbilical system will be the deepest steel tube umbilical ever
installed, containing steel tubes, electrical cables and fibre optics.  The
work embraces the production of more than 100 kilometres of steel tube
umbilicals, of which 73 kilometres will be supplied as one continuous length. 
The three fields will be  'daisy-chained' together.
The umbilicals will be manufactured at Kvaerner's Oilfield Products unit at
Moss in Norway, and the order is scheduled for delivery in the summer of 2001.

For further information:
Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20
7339 1035 or +44 (0)7768 813090
Notes to editors:
Kvaerner is a world-class Anglo-Norwegian engineering and construction group
with the capability and resources to undertake the world's most challenging
projects.  Today's Kvaerner is an industrial technology provider.  It meets
the needs of its customers by adding value to their business - through the
provision of innovative, cost-effective solutions to engineering, contracting
and construction challenges. The Group's activities are organised in two core
business areas: E&C (Engineering and Construction), and Oil & Gas.  Other
current activities, which include shipbuilding and pulping equipment, are to
be sold. Kvaerner is a Norwegian registered business, but has a London,
UK-based international headquarters. The Group has annual revenues of
approximately US$8.5 billion, with some 35,000 permanent staff located in
almost 35 countries throughout Europe, Asia and the Americas.

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