Oilfield Service Technology Groups News

Kvaerner, the international engineering and construction group, announced that consents have now been secured from all creditors that are party to the debt restructuring in the group. The remaining key condition in the overall refinancing of the Kvaerner Group has thereby now been fulfilled. The other key elements in the refinancing scheme, a Directed Offering subscribed at the end of November 2001, and a Rights Offering, to be subscribed later this month, are proceeding according to plan. Formal closing of the debt restructuring and the Directed Offering are expected to take place tomorrow, and the Group’s internal cash pooling system will thereafter be fully operational.