KVR Kvaerner Asa

RNS Number:6096M
Kvaerner ASA
5 November 2001


Report of Kvaerner's EGM on 2 November

LONDON, 5 NOVEMBER 2001: Kvaerner, the international engineering and
construction Group, today reported on the Extraordinary General Meeting of the
Company which was held last Friday, 2 November, in Oslo, Norway.  Shareholders
were asked to consider two motions.  The first concerned an investigation into
the administration by the Board and Management of the Company, including the
fulfilment of the Company's disclosure obligations towards the shareholders,
and the market in general.  The motion was defeated, with 29.8 per cent voting
for the motion, and 70.1 per cent against.   Due, however, to the fact that
more 10 per cent of the represented shares voted for the motion, any
shareholder has the right to ask the Probate Court (Asker og Baerum
Skifterett) whether an investigation should proceed.

For the second motion on the agenda, the Election Committee's proposal that
the subject of a new Board - together with the election of directors - should
be postponed until the next EGM, was unanimously accepted.

Shareholders representing 60.61 per cent of the share capital were present at
the EGM. 


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 

Note to editors:

Kvaerner is a world-class international engineering and construction group
with the capability and resources to undertake the world's most challenging
projects.  Today's Kvaerner is an industrial technology provider.  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
organised in two core business areas: E&C (Engineering and Construction), and
Oil & Gas.  Other activities currently also include shipbuilding and pulping
equipment.  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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