Kvaerner Sells Singapore Yard

Kvaerner officials announced the company will sell its Kvaerner Fjellstrand shipyard in Singapore to Dutch firm Damen Shipyards Group. The sale will mean a slight accounting loss for Kvaerner, but it will be within the scope of the provisions made in 1999, officials said. No price was given for the sale.

Kvaerner charged $459.7 million in provisions for 1999 linked to the restructuring and an extra 750 million in January 2000.

Kvaerner decided last year to sell all its 13 shipyards and sold the sister yard, Kvaerner Fjellstrand in Norway, in February 2000. It still has to sell major yards in Philadelphia and Warnow, Germany.