NCC leaves Snöhvit projektet

NCC leaves Snöhvit project In February this year, Statoil and NCC Norway signed a declaration of intent regarding work connected to the Snöhvit project in Norway. Due to delays in starting up this project, the agreement has now been canceled, since NCC and Statoil have not been able to agree on a new price. "Statoil was not prepared to fully compensate NCC for the shorter and more disadvantageous construction period. Since all of NCC's operations are subject to the requirement that only profitable assignments may be accepted, it has not been possible to reach agreement on a mutually acceptable new price," says Per Nielsen Head of NCC International Projects. The Snöhvit project has been delayed due to surveys conducted by ESA. As a result of this delay, NCC would have been faced with a shorter and more disadvantageous construction period. NCC's share of the Snöhvit project, SEK 570 million, was included in orders received by the Group during the first quarter of 2002. The necessary adjustment will be made in the accounts for the first half of the year. For further information, please contact: Per Nielsen, Head of NCC International Projects (Tel: +46-70-218 1838) Hans-Olof Karlsson, Senior Vice President - Corporate Communications, NCC AB (Tel: +46-8-585 52346, +46-70-392 9500) All of NCC's press releases are available on www.ncc.se NCC is one of the leading construction and property development companies in the Nordic region. NCC has annual sales of SEK 46 billion, with 25,000 employees. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/06/07/20020607BIT00590/wkr0001.doc http://www.waymaker.net/bitonline/2002/06/07/20020607BIT00590/wkr0002.pdf