KVR Kvaerner Asa

RNS Number:5642K
Kvaerner ASA
25 September 2001

Kvaerner Group - update

LONDON, 25 SEPTEMBER 2001: Kvaerner, the Anglo-Norwegian engineering and
construction Group, said today that, based on commitments from its lending
banks early yesterday, together with ongoing negotiations with the Board, it
had reason to believe that further commitments would be in place during the
course of that day.  The Board therefore requested the Oslo Stock Exchange and
the London Listing Authority to suspend all trading in Kvaerner equities,
until final arrangements had been made.  During the course of yesterday,
however, it was not possible to secure all the necessary agreements with the
main banks by the close of the day.

Negotiations concerning the necessary loan facilities are based on the
assumption that a Rights Issue of NOK 1 billion, as a minimum, will be
successfully launched.

The Board intends to continue negotiations with its banks today, with a view
to concluding final agreements.  In parallel, the Group will hold discussions
with its largest shareholder, and other shareholders, in order to examine the
options for the future development of the Group.

Because of the uncertainty attached to various solutions and alternatives,
together with the risk of differing information circulating within the market,
the Board has again requested that the shares in Kvaerner be suspended until
the Company is in a position to provide further definitive information to the
market.



For more information: 

Trond Andresen, Senior Vice President, Group Communications: +44 (0)7770
856550, or 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, Africa, Asia
and the Americas. 

Kvaerner Asa (LSE:KVR)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Kvaerner Asa (LSE:KVR)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024