KVR Kvaerner Asa

RNS Number:7486U
Kvaerner ASA
27 November 2000


Kvaerner concludes arrangement for shipbuilding financing 

LONDON, 27 NOVEMBER 2000: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that it has concluded a USD 590 million
financing arrangement with Scotia Capital and Skandinaviska Enskilda Banken
for the construction of cruise ships at its Masa-Yards in Finland.

The financing arrangement will cover up to 60% of the working capital needed
for the order reserve at the yards and takes the form of an off balance sheet
securitisation of the yard's receivables.  Together with normal contractual
prepayment from customers this arrangement will substantially provides the
working capital of the yard.  The securitisation facility covers six ships to
be constructed over the next three years.

For further information:  Trond Andresen, Senior Vice President, Group
Communications, Kvaerner PLC: +44 (0)20 7339 1032 or
trond.andresen@kvaerner.com or www.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
to engineering, contracting and construction challenges.  The Group's
activities are currently organised in two core business areas: E&C
(Engineering and Construction), and Oil & Gas.  The Group also currently has
interests in Shipbuilding and the provision of services for the Pulp & Paper
industry.  Kvaerner is a Norwegian registered business, but has a London,
UK-based international headquarters.  The Group has annual revenues in excess
of US$8 billion, currently with some 35,000 staff located in almost 35
countries throughout Europe, Asia and the Americas.         

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