KVR Kvaerner Asa

RNS Number:6967X
Kvaerner ASA
23 January 2001


Major Kvaerner shareholders cannot agree over composition of new Board

LONDON, 23 JANUARY 2001: For some time, the Nomination Committee of the Board
of Kvaerner ASA, comprising Age Korsvold and Morten Bergesen, has been
examining to what extent it would possible to appoint a Board of Directors
that would have the broad support of all shareholders.   The proposals from
the Committee were to be placed before an Extraordinary General Meeting of the
Company.  The Committee has conducted meetings with representatives of the
major Norwegian shareholders, in addition to Aker RGI and Kvaerner's current
Board of directors.  The Committee has concluded, however, that following this
consultation, it has not been possible to propose a Board that is acceptable
to all the major shareholders of the Company.

Furthermore, The Nomination Committee has also taken into account the possible
proposal from the Board to the Annual General Meeting to group the activities
of Kvaerner into separate, independent companies.  This would require the
establishment of new Boards for new listed companies, and the Nomination
Committee has therefore recommended to the Board and the major shareholders
that it would be inappropriate to call an Extraordinary General Meeting to
consider the appointment of a new Board at the present time.

Messrs. Korsvold and Bergesen will not be providing any further statements in
this respect.



For further information:

Paul Emberley, Vice President, Group Communications, Kvaerner ASA: +44 (0)20
7339 1035 or +44 (0)7768 813090 

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