EU Court Rules in Favor of Kvaerner

February 28, 2002

The Court of First Instance, has today ruled in the case concerning alleged breach of capacity restrictions at Kvaerner's German shipyard, Kvaerner Warnow Werft. The group has been informed that the Court has ruled in favor of Kvaerner. The Court has set aside the EU commission's decision that Kvaerner should repay DEM 117 million. Kvaerner paid and accounted for this amount in 2000. The Court's decision can be appealed within two months. Although Kvaerner has not yet seen the details of the Court's decision, Kvaerner's preliminary understanding is that the amount will be repaid. In addition to this case, the EU commission has not yet finalized its assessment of whether Kvaerner should partly repay subsidies received in connection with loss-making shipbuilding contracts when Kvaerner took over the yard 10 years ago. Kvaerner is of the opinion that such repayment cannot be justified.

EU Court Rules in Favor of Kvaerner

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