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Kvaerner E&C (42GL)

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Thursday 21 August, 2003

Kvaerner E&C

Notice of Final Repayment

Kvaerner E&C PLC
21 August 2003

understand the contents you should consult an independent financial adviser
authorised pursuant to the Financial Services and Markets Act 2000, without

If you no longer hold any 4 7/8 per cent. Secured Loan Stock 2003 or
5 5/8 per cent. Secured Loan Stock 2003 of Kvaerner E&C PLC, please pass
this document to the agent through whom the sale or transfer was effected for
onward transmission to the purchaser or transferee.

                                KVAERNER E&C PLC
                       Registered in England No. 00001125

                                                              Registered Office:

                                                                 Kvaerner House,

                                                            68 Hammersmith Road,

                                                                  London W14 8YW

                                                                 20 August, 2003

To the holders ('Stockholders') of the outstanding 4 7/8 per cent. Secured
Loan Stock 2003 and the 5 5/8 per cent. Secured Loan Stock 2003 of Kvaerner
E&C PLC (formerly John Brown PLC) (together the 'Stock')

Dear Stockholder,


NOTICE IS HEREBY GIVEN that, in accordance with the provisions of the Fifth
Supplemental Trust Deed dated 23 May, 1984 securing the Stock, the whole of the
Stock outstanding will be repaid at par on 30 September, 2003, together with
interest accrued to such date. The Registers of Stockholders will finally close
at 5.00 p.m. on 29 August, 2003 and accordingly no transfers of the Stock will
be registered after that time.

A cheque for the amount of principal due to you on repayment will be despatched
by first class post on 29 September, 2003 to your registered address. In the
case of joint holders of the Stock, a cheque will be sent to the registered
address of that one of the joint holders whose name appears first on the
Register of Stockholders and will be made payable to all of the joint holders.
All cheques sent to Stockholders shall be at their risk.

A warrant for the payment of interest due to you for the period from 1 April,
2003 to 30 September, 2003 (both dates inclusive) will be posted separately in a
similar manner to repayment cheques or in accordance with your registered
instructions regarding payment of interest. No interest will accrue on the Stock
after 30 September, 2003.

The repayment of the Stock may have taxation consequences and Stockholders are
advised that they should consult their own professional advisers if they are in
any doubt as to their individual tax positions.

Upon receipt of the principal moneys due to you together with interest accrued
to the date of redemption, your certificate(s) for the Stock will be of no
further value and should be destroyed.

Should you have any questions regarding the repayment, please address any
queries in the first instance to the Company's registrar, Computershare Investor
Services PLC, PO Box 82, The Pavilions, Bridgewater Road, Bristol BS99 7NH or by
telephoning 0870 702 0001.

Yours faithfully,

N W Gamble

Company Secretary

Registered in England No. 00001125 Registered office: 68 Hammersmith Road,
London W14 8YW

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                 

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