Kvaerner to sell activities to Yukos Oil

Kvaerner PLC has reached an agreement in principle to sell Kvaerner Oil & Gas’s London-based hydrocarbons business and Kvaerner Process Technology to Yukos Oil Company of Russia. The total consideration for the sale amounts to USD 100 million to be paid in cash upon conclusion of a final agreement. Kvaerner Hydrocarbons, part of the Group’s oil & gas business area, provides
engineering services, mainly to onshore oil and gas projects. The business employs approximately 600 people, most of whom are located in London. The sale of Kvaerner Process Technology includes Kvaerner Heurty. Both of these businesses are part of the Kvaerner E&C business area, and are engaged in research, development, testing and the sale of process technologies and equipment. These businesses employ approximately 375 people located in the UK, Switzerland, France and Italy. The sale is subject to satisfactory completion of due diligence, final agreement, and to approval both by the current Kvaerner Board; the Board expected to be elected on 2 November. The sale is also subject to certain other necessary approvals. The final sale agreement is expected to be entered into by the end of November and the sale completed as soon as possible thereafter.

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