Letter of Intent Received

RNS Number:9138D
Kvaerner PLC
21 May 2001


Break-through for new environmental friendly technology from Kvaerner

LONDON, 21 MAY 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, today announced that it has received a Letter of Intent
from Statoil and Navion for the supply of three NMVOC* recovery plants, worth
a combined total in excess of US$17 million. The plants will be installed on
crude oil shuttle tankers operating in the North Sea.  In addition to the two
plants for Statoil, the company has also placed an option on five further
plants. 

"Kvaerner has worked on the development of the NMVOC recovery technology since
the first laboratory tests were started in 1992," said Carl Lieungh, Chief
Executive of Kvaerner Process Systems. "Today's Letters of Intent are a final
breakthrough for this technology.  It has been developed as an intrinsic part
of Kvaerner's effort to be at the forefront in the development of new
technology - and it creates new opportunities for Kvaerner, both in the
domestic and international oil and gas market," he said.

For future plants, Kvaerner has formed a co-operation with Hitec Vision to
jointly execute such projects, which includes design, engineering, fabrication
and commissioning, and servicing of the plants.


For further information:

Reidar Strande, Managing Director, Kvaerner Process Systems:  +47 67 83 77 39,
or Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44
(0)20 7339 1035 or +44 (0)7768 813090 or paul.emberley@kvaerner.com 

Notes to editors:

1. * NMVOC: Non-Methane Volatice Organic Compounds (light weight compounds
from crude oil, such as ethane, propoane, buthane, etc, with the exception of
methane)

2. 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, Asia and the
Americas.

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