Kvaerner president and CEO resigns

President and CEO Kjell E Almskog has informed the board of directors that he wishes to resign, effective 1 November 2001. He will also resign from his position as director of the board. On the board’s request Kjell Almskog will be available for the group as an advisor
for some time to come. Kjell Almskog said: “Kvaerner is facing a restructuring both financially and operationally. At the same time the group has a new shareholder structure and a new board is to be elected. In this situation I find it naturally to resign and open up the possibility for a new management and Board to reflect these changes”.

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