15IO Euro.bk. 36

RNS Number:6817W
Kvaerner PLC
4 January 2001


Satisfactory conclusion to Kvaerner's Finnish tax dispute  

LONDON, 4 JANUARY 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that a satisfactory conclusion has been
reached in a tax administrative proceeding over an assessment with the Finnish
Tax Authorities.  An outcome has been reached that is in Kvaerner's favour and
the decision of the Appeal Board tribunal was unanimous.  Whilst it remains
possible to appeal the decision of the tribunal, Kvaerner considers this
likelihood to be low.  

The dispute involving Kvaerner Pulping related to the disallowance of tax
losses resulting in a potential tax cost to the Company of FIM 110 million.


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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