Kvaerner Group Ceases Sale Of Kvaerner Masa-Yards

Maritime Activity Reports, Inc.

July 17, 2000

The Kvaerner Group has decided to stop the progress of the present sale of Kvaerner Masa-Yards. While Kvaerner's long-term business strategy is to leave the shipbuilding industry, Kvaerner will focus on upgrading the performance of the yard to increase profits. Organizational changes will include the appointments of a new CEO and CFO, and the current chief executive of Masa-Yards, Martin Sarrikangas is slated to retire.
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