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August 29, 2002

Kvaerner Philadelphia ratifies new labor contract
Kvaerner Philadelphia Shipyard, Inc. (KPSI) and the Metal Trades Council AFL-CIO have ratified a new union contract. The agreement extends through December 2006. Though the original agreement betweemn the yartd and labor still had some time to run, the extension to 2006 was requested by Kvaerner Chairman, Kjell Inge Rokke, who felt it was necessary in order for Kvaerner to properly commit to both the workers and the shipyard.

"This is a victory for common sense and shows the willingness of both sides to secure a long and successful future for the shipyard. The agreement forms a good basis for a stable and good relationship with the union in the years to come," stated Gunnar Skjelbred, Kvaerner Philadelphia president & CEO.

"This is a good agreement for both parties," said Ron Ault, General Representative of the Metal Trades Department AFL-CIO. "We made significant improvements in the fringe benefits. The wage package puts Kvaerner at the top of the scale in shipbuilding. The negotiations were as successful as they were because of the willingness of Aker-Kvaerner to reach out and address the needs of its workers - they are not at all anti-union. They understand workers and their unions much better than many U.S. companies we deal with."

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