2001 Maritime

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October 1, 2001

Kvaerner not to take Aker Maritime loan
The Oslo Stock Exchange briefly suspended trading in Kvaerner shares today as it investigated movements in the price. At the end of trading in Oslo, Kvaerner's share price was NOK 14.10--a gain of 43.5% in the day. ($1=NOK 8.8758 )

During the day, Kvaerner announced that it was not going to avail itself of NOK 100 million of short term loan facilities from Aker Maritime, which is controlled by Kjell Inge Røkke. That loan was part of a NOK 900 million short term loan package announced September 20, with NOK 800 million coming from a consortium of Kvaerner's leading banks. In new negotiations with the banks announced on September 28, the term of the NOK 800 million loan was extended until December 31. Kvaerner's board decided it didn't need the NOK 100 million facility, the term of which ran to October 5

Kvaerner later announced that its board had decided to relocate group management from London, England, to Kvaerner’s head office at Lysaker, Oslo, Norway. This relocation will also include the senior management of Kvaerner’s Oil & Gas business area. The management of the E&C business area will remain in London. The relocation will take place progressively over the next few months, as and when business circumstances allow.

The decision follows three years of restructuring, involving the disposal of a substantial number of UK-based business activities.