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May 16, 2002

Kvaerner Masa-Yards reports first quarter profit
The Kvaerner Group has published its first quarter 2002 results. Kvaerner Masa-Yards' business operations contributed to the Group results with an operating profit of EUR 17.6 million (138 million NOK).

Kvaerner Masa-Yards' operating revenues for the period were EUR 266,8 million (2.088 million NOK). At the end of March, the unrecognized sales value of the orderbook was EUR 1.4 billion.

The operating profit of Kvaerner Masa-Yards Inc. according to Finnish Accounting Standards (FAS) was slightly higher than the figure reported
by the Kvaerner Group for Kvaerner Masa-Yards.

"The results of Kvaerner Masa-Yards for the beginning of this year shows that our productivity improvement program proceeds successfully. The difficult market situation requires close cooperation between the companys' management, our personnel, sub-contractors and suppliers in order to further improve our productivity and competitiveness for gaining new orders", said Jorma Eloranta, President and CEO of Kvaerner Masa-Yards Inc.

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