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Friday 07 June, 2002

Kvaerner PLC

Re Contract

Kvaerner PLC
7 June 2002


Aker Kvaerner secures US$45 million contract from BP for North Sea platform

LONDON, 7 JUNE 2002: Aker Kvaerner, part of the international oil services,
engineering and construction, pulp and paper and shipbuilding Group, Kvaerner,
today announced that it has secured a contract from BP Exploration Operating
Company Limited - worth approximately US$45 million - for the procurement and
construction of a jacket and piles for the Clair Platform.  The platform will
be located on the UK Continental Shelf.

The work will be undertaken by Aker Kvaerner's Verdal yard in Norway.  
Speaking about the award from BP, Sverre Skogen, CEO of Aker Kvaerner said: 
'This award demonstrates that our long  experience and specialisation in
jacket construction has paid off - and suggests that our yards can be
competitive in the international market.'

'We have been working closely with BP Amoco to improve our safety performance
on previous projects, and are very satisfied that we now can continue this
co-operation on the Clair project. We believe that good safety is an integral
part of the competitiveness of our operations,' Sverre Skogen commented.

Aker Verdal will start fabrication at the Verdal yard in November 2002.  At
its base, the jacket measures 45 x 50 metres square; it has a height of 169
metres, and a total weight of 8,800 tons.

At its peak, the contract is expected to engage some 220 people. Once
delivered in April 2004, the Clair Jacket will be the twenty-ninth such
structure that the Verdal yard has undertaken in a row.  Verdal is one of the
few yards in Europe specialising in jacket construction for the upstream oil
and gas industry - with four jackets currently under construction - Kvitebjorn
for Statoil, Valhall for BPAmoco, Grane for Norsk Hydro and Goldeneye for
Shell UK Exploration and Production.
 

For further information:

Arnstein Ansnes, President of the Verdal Yard: +47 74 07 47 42 or  
+47 90 03 41 66 
Helge Rosenlund, Vice President of the Verdal Yard: +47 74 07 45 80 or 
+47 91 75 78 66 
Torbjorn S. Andersen, Vice President, Corporate Communications, Aker Kvaerner:
+47 22 94 53 90 or +47 928 85 542 
Paul Emberley, Vice President, Group Communications, Kvaerner ASA: 
+44 (0)20 7339 1035 or +44 (0)7768 813090 or paul.emberley@kvaerner.com

Note to editors:  Kvaerner is a world-class oil and gas services, engineering
and construction, pulp and paper, and shipbuilding 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 maritime industries.  The Group's activities are organised in
four core business areas: Oil & Gas, E&C (Engineering & Construction), Pulp &
Paper, and Shipbuilding.   Following the merger between Aker Maritime and
Kvaerner's Oil & Gas business, the Kvaerner Group expects to have revenues in
2002 approaching US$6 billion, with some 42,000 permanent staff located in
more than 30 countries throughout Europe, Africa, Asia and the Americas.




                      This information is provided by RNS
            The company news service from the London Stock Exchange