November 10, 2000

Major orders for Daewoo
Daewoo Shipbuilding, which was spun off from Daewoo Heavy Industries last month, has reportedly booked orders worth $500 million for seven vessels.

They include an LNG carrier for Exmar of Belgium, in addition to six other ships including two 105,000 ton-class oil carriers and three 4,115 TEU container vessels.

Daewoo expects to have booked orders for 60 vessels worth $4 billion byl the end of this year.

New president for Masa-Yards
Kvaerner has appointed Jorma Eloranta, as President & CEO of its Masa-Yards in Finland. Jorma Olavi Eloranta (49), a Finnish citizen, has broad experience with major Finnish corporations, and since January 1997, he has held the post of President & CEO of Patria Industries Group, a Finnish group which has core businesses in the aviation, space, defense, and communications sectors. Mr Eloranta will take up his new position with Kvaerner Masa-Yards at the beginning of February 2001.

"Jorma Eloranta is an experienced and well-respected industrialist," said Kjell E Almskog, president & CEO of the Kvaerner Group. "I'm confident that Jorma will quickly gain the respect of the Masa-Yards management and workforce, as well as our customers," he said. "Masa-Yards is a world-class facility producing some of the finest vessels afloat. However, recent profitability at the yard has not been satisfactory, and therefore, his first challenge is to continue and develop the improvement program at the yard, and to achieve good financial results from the substantial order reserve," he concluded.

Eloranta succeeds Martin Saarikangas, who will retire as president of Kvaerner Masa-Yards by the end of January 2001, after 10 years of service with the Kvaerner Group, and prior to that, 32 years with the Finnish Shipbuilding industry. He will continue as a non-executive director of the Masa-Yards board.

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