Kvaerner Power is to supply a HYBEX® power boiler to Tembec Saint Gaudens S.A.'s pulp mill located in Southern France. The boiler will use bubbling fluidized bed (BFB) technology and has a thermal capacity of 40 MW. The boiler will burn bark and sludge and it will be ready for commissioning in February 2005. With Kvaerner Power's fluidized bed technology Tembec Saint Gaudens is looking for an environmentally sound solution to enable them to burn the pulp mill's sludge and municipal sludge, instead of sending it for landfilling. The boiler plant is designed to fulfill the requirements of the EU waste incineration directive for co-firing.

TM.E. S.p.A. - Termomeccanica Ecologia has ordered two 32 MWth ACZTM (Advanced Combustion Zone) power boilers featuring bubbling fluidized bed technology for their large waste handling plant in Calabria in Southern Italy. The new boilers will use refuse derived fuel (RDF) and the start-up is planned for autumn 2006. These boilers are part of Termomeccanica's project where Kvaerner Power has already supplied two energy-from-waste boilers which are presently in the installation phase.

Swedish Göteborg Energi AB has ordered a rebuild of their existing coal fired, hot water boiler. The boiler in Gothenburg city's Sävenäs power plant will be converted to bubbling fluidized bed technology to burn biofuels and to produce district heating with a thermal capacity of 100 MW. Start-up will be at the end of 2004.

ENDS

Media:
Geir Arne Drangeid, Senior Vice President Group Communications, Aker Kværner ASA  Tel: +47 67 51 30 36
Terttu Tuominen, Communications Manager, Kvaerner Power, Tampere, Finland:  Tel : +358 (0)20 141 2440 or +358 (0)40 501 1415

Investor relations:
Tore Langballe, Vice President, Investor relations, Aker Kværner ASA, Tel: +47 67 51 31 06