Kvaerner agrees Yukos sales

Kvaerner and Yukos Oil have announced that they have agreed final terms for the sale of activities known as “Kvaerner Hydrocarbonsâ€? and “Kvaerner Process Technologyâ€? to Yukos Oil of Russia. The total consideration for the sale amounts to USD 100 million, of which USD 50 million is expected to be paid immediately, following an earlier deposit payment of USD 5 million. The balance of USD 45 million will be paid to Kvaerner on 30 November 2001. “Yukos Oil has, by its willingness to accelerate the final negotiations of this agreement, again made an important contribution to resolve Kvaerner’s financial problems – and its need for short-term liquidity,” said Kristian Siem, President & CEO of Kvaerner. Completion of the sale is dependent on approval from the group’s lenders.

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