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    Kvaerner announces results

    News // November 20, 2000
    Kvaerner ASA has announced its results for the nine months ending 30 September.

    Operating profit for the first nine months of the year amounted to NOK 743 million, before exceptional items; pre-tax profit for the period was NOK 358 million and turnover amounted to NOK 42.4 billion.

    Kjell E Almskog, President & CEO of Kvaerner, commented on the resultssaying: "Profitability was maintained during the quarter, and the Group's figures were broadly in line with the preceding period. Our E&C activities continue to produce strong results, with yet another improvement over the last quarter, and a nine-monthoperating performance 46 per cent higher than in 1999. The oil and gas result primarily reflects a 43 per cent turnover decrease due tolast year's sharp market decline," he said.

    "The determination to focus on continued improvement in our activities is starting to pay off - with further cost savings of almost NOK 800 million, compared to last year.

    "The recent completion of Kvaerner's Construction sale to Skanska represents a further focusing of the Group's activities. At the same time, it releases financial resources that will be used to further strengthen our oil and gas and E&C operations." Almskog concluded, "The satisfactory order intakewill ensure further improvements in profitability as we look ahead to 2001."

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