Stmnt from Election Committee

RNS Number:4295M
Kvaerner ASA
31 October 2001


Statement from Kvaerner's election committee

LONDON, 31 OCTOBER 2001: The election committee of Kvaerner ASA has been
working intensively over the past month and a half to produce proposals for a
new Board on the basis of  well-defined criteria.  One criterion is that the
Board will be broadly-based among Kvaerner ASA's shareholders.

Following yesterday's announcement concerning the refinancing of the Company,
including a share issue and changes in the ownership structure, a majority of
the election committee has made a proposal to the Board.  The election
committee has proposed that the question of a new Board  - and the election of
directors - should be postponed until the Extraordinary General Meeting that
will be called in the near future to consider the refinancing plan.

Therefore, the election committee is proposing that the present Board of
directors should remain in office until the next EGM.

ENDS

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

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