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Kvaerner PLC (BB20)

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Wednesday 23 August, 2000

Kvaerner PLC

Senior Change to Board of Directors

Kvaerner PLC
23 August 2000

Kvaerner appoints Chief Operating Officer for Masa-Yards

LONDON, 23 AUGUST 2000: Kvaerner, the Anglo-Norwegian engineering and
construction, today announced the appointment of Richard Petrie as Chief
Operating Officer at Kvaerner Masa-Yards in Helsinki.  British-born Richard
Petrie (41), will take up his new position immediately.  Mr Petrie has worked
for Kvaerner for some 10 years and has been engaged in a number of senior
executive roles.  Most recently, he has spearheaded the Group's effort to
implement an improvement programme at the yard.  These ongoing initiatives
have the objective of achieving good financial results from the substantial
order reserve of almost US$3 billion. 

Martin Saarikangas, President of Kvaerner Masa-Yards, will retain his position
until a new CEO has been appointed later this year, and is expected to remain
a director of the company.

For further information:

Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20
7339 1035 or +44 (0)468 813090 or