KVR Kvaerner Asa

RNS Number:1925M
Kvaerner ASA
26 October 2001


Kvaerner's liquidity

LONDON, 26 OCTOBER 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today said that following its statement of the 25 October,
the Company is working intensively to resolve its requirement for short-term
liquidity.  Among a number of initiatives, there are positive measures ongoing
with Kvaerner's largest shareholder, Yukos Oil, to advance the completion of a
binding sale agreement in respect of Kvaerner Hydrocarbons and Kvaerner
Process Technology.  Should it be completed, this will have an immediate and
positive effect upon Kvaerner's liquidity.

On 22 October, Kvaerner announced that it had signed a preliminary agreement
with Yukos for the sale of these businesses.  

If Kvaerner is unable to find a solution before Monday 29 October, a critical
liquidity situation will develop for the Group.

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  

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