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To: Rainier who wrote (45606)	5/28/1999 7:18:00 AM
From: Razorbak	Respond to of 95453

Bouges Offshore (NYSE:BWG) Acquires Kvaerner (France) SA Bouygues Offshore Announces Acquisition of 100 Percent of Kvaerner - France - SA Friday May 28, 4:52 am Eastern Time Company Press Release MONTIGNY-LE-BRETONNEUX, France--(BUSINESS WIRE)--May 28, 1999-- Bouygues Offshore S.A. (NYSE:BWG - news) today announced that it agreed to purchase Kvaerner (France) SA and all its subsidiaries for an amount of 30 million pounds (US$48 million), with the exception of Kvaerner Heurtey (France) SA, Kvaerner Heurtey Italiana, PT Kvaerner Indonesia et Sofresid Thailand, which remain in the Kvaerner group. The 1998 consolidated sales of the purchased companies (on a pro-forma basis) was euro 152.5 million (US$160 million) and 1998 net income totaled euro 0.9 million (US$0.94 million). Ivan Replumaz, chairman, stated, "We are convinced that the engineering capabilities of Kvaerner (France) SA (which will be renamed Sofresid), together with the innovation brought by its 51 percent subsidiary Doris Engineering will constitute a major step forward for Bouygues Offshore and will strengthen our offer of turnkey services on a worldwide basis. Furthermore, the presence of Kvaerner (France) SA in the industrial engineering segment will constitute new market opportunities for our Group." Bouygues Offshore S.A. is a leading international contractor serving the oil and gas industry, specializing in providing integrated solutions for the design, construction, installation and management of offshore and onshore oil and gas turnkey projects. The company also provides maintenance services to the oil industry, engages in maritime and river-related civil work projects and designs and constructs liquefied natural gas (LNG) import terminals and storage tanks. -------------------------------------------------------------------------------- Contact: Bouygues Offshore, Montigny-le-Bretonneux Mireille Arvier, 33 1 30 60 75 06 m.arvier@bouygues-offshore.com or Morgen-Walke Associates, Inc., New York Lynn Morgen/Michele Katz Press: Terry Rooney/Brian Maddox 212/850-5600 mkatz@morgenwalke.com -------------------------------------------------------------------------------- More Quotes and News: Bouygues Offshore SA (NYSE:BWG - news) Related News Categories: oil/energy biz.yahoo.com