KVR Kvaerner Asa

RNS Number:5096K
Kvaerner ASA
24 September 2001


Delivery of the drilling rig STENA DON from Kvaerner

LONDON, 24 SEPTEMBER 2001: Kvaerner and Stena have today signed a deal for the
delivery and payment of the STENA DON drilling rig. The drilling rig was built
at the Warnow yard in Rostock, in Germany.

The delivery of the rig will take place this week and the final settlement
paid to Kvaerner will exceed NOK 1.1 billion with a deduction of approximately
NOK 60 million payable at completion of the rig during week 42.

By delivery, guarantees furnished by Kvaerner in connection with down payments
of totalling 1.3 billion NOK will be released.  This deal settles all accounts
between the parties. The final settlement gives a certain accounting gain for
Kvaerner.


For more information:  Paul Emberley, Vice President Group Communications: +44
(0)20 7339 1035 or  +44 (0)7768 813090.

Notes 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
- 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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