KVR Kvaerner Asa

RNS Number:5946K
Kvaerner ASA
25 September 2001


Kvaerner provides details of its debt

LONDON, 25 SEPTEMBER 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group said that in connection with its announcement earlier
today, it would provide the following detailed information concerning its
current debt situation, as this is regarded a key element in the Board's
valuation of the Company.

- Gross debt as at 25 September 2001 amounts to NOK 9.5 billion after
repayment of a loan to Den norske Bank related to the Stena Don rig.  
- After deduction of cash and other liquid assets of approximately NOK 1.1
billion, net borrowings amount to NOK 8.4 billion.  
- The Group has approximately NOK 0.5 billion in short-term interest bearing
assets (mainly bonds) and approximately NOK 300 million in long-term interest
bearing assets.
- Also, the Group's investment in Sea Launch amounts to NOK 1.2 billion. 
- Therefore, as a consequence of the above, net interest bearing liabilities
at 25 September 2001 amount to NOK 6.4 billion, compared to NOK 5.6 billion at
30 June 2001.  The increase in net interest bearing debt, as predicted in the
Group's interim statement, is as a result of an increase in working capital,
mainly in E&C and Shipbuilding.

Furthermore, the Group has emphasised that the Board continues its work to
establish a rights issue of NOK 1.5 - 2 billion.  In the negotiations with the
Group's banks over future financing arrangements, the banks have proposed a
minimum Rights Issue of NOK 1 billion.


For more information: 
Paul Emberley, Vice President Group Communications: +44 (0)20 7339 1035 or 
+44 (0)7768 813090.

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, Africa, Asia
and the Americas. 

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