POSITIVE DEVELOPMENT FOR VEIDEKKE

· Improved results
· Strengthened financial position
· Larger order book
· Higher dividend proposed - from NOK 3.00 to 5.50 per share

Veidekke's turnover for 1996 was NOK 4,058 million compared with NOK 3,965 million in 1995. The pre-tax profit was considerably higher than the previous year, having increased from NOK 78.4 million to NOK 121.2 million. Both Building and Heavy Construction showed a significant improvement in profits.

Orders-on-hand for Building and Heavy Construction stood at NOK 2,261 million at the end of the year, as against NOK 1,944 million a year earlier. The Asphalt Division also has long-term orders-on-hand amounting to about NOK 170 million. The company's equity capital has been strengthened and the equity ratio rose from 29.2% in 1995 to 33.7% in 1996.

Earnings per share were NOK 13.83 compared with NOK 9.15 in 1995. Veidekke's Board of Directors will propose a dividend of NOK 5.50 per share at the Annual General Meeting.

The preliminary report can be downloaded at http://www.huginonline.no/VEI/rapporter_e.shtml

For further information, please contact:

Terje R. Venold, president and C.E.O. phone + 47 66 98 54 05 or + 47 905 82 323 (mobile)
Jørgen G. Michelet, Senior Vice President, Finance and Investor Relations phone +47 66 98 54 40 or + 47 906 91 117 (mobile)