Veidekke reported a pre-tax profit for the fourth quarter 2003 of NOK 73.3 million, compared with NOK 54.9 million for the same period a year earlier. Turnover was NOK 3,298 million (NOK 3,223 million). For the year as a whole, turnover totalled NOK 11,461 million (NOK 11,254 million), giving a profit of NOK 168.1 million (NOK 220.2 million). At the end of the year, orders-on-hand stood at NOK 8,120 million (NOK 7,545 million).

"We are very pleased with the way our core business is progressing. We have seen improvements in practically every district in Norway, in spite of the uncertainty that can still be seen in the market. All in all, there's been a increase in profit margins from 2.1% in 2002 to 3.1% in 2003," says President and CEO Terje R. Venold.

"Another piece of good news is that we have recently been selected as preferred bidder for the E39 Lyngdal-Flekkefjord road project. This is a PPP project. Substantial resources were invested in 2003 in developing further skills in this area, and we will now have a chance to utilise them," says Mr. Venold.

The figures for Veidekke's construction operations in Sweden have been affected by the winding up of the steel operations in Skåne, and in Denmark it has been necessary to make some provisions for certain international projects. Pressure on prices is reflected in the results for asphalt operations, but this division has nevertheless been able to maintain a good volume and improve its cost efficiency.

"Performance in 2003, and particularly in the fourth quarter, shows that we have a good foundation for future operations. We will continue to focus on improving the profitability of our projects; we will attach importance to risk management and control, and we will work to maintain our leading position in the asphalt, gravel and crushed stone market," says Mr. Venold.

In view of the company's strong financial position and healthy cash flow, the Board of Directors will recommend distributing a dividend of NOK 3.50 per share again for 2003.

Reference is also made to the Board of Directors' report for the fourth quarter 2003, which is enclosed with this press release.

For further information, please contact:

Terje R. Venold, President and CEO,

tel. +47 21 05 77 01 / 905 82 323

Arne Giske, Senior Vice President & CFO,

tel. +47 21 05 77 80 / 905 89 526

Jørgen G. Michelet, Director, Finance and Investor Relations, tel. + 47 21 05 77 22 / 917 43 856

Kai Krüger Henriksen, Senior Vice President, Communication, tel. +47 21 05 77 04 / 905 19 360