DATE: Tuesday, October 21, 1997             TAG: 9710210206

SECTION: BUSINESS                PAGE: D3   EDITION: FINAL 

                                            LENGTH:   19 lines

KVAERNER PLANS $45 MILLION INVESTMENT IN PHILADELPHIA NAVY YARD

Kvaerner ASA has announced it will invest $45 million in the now closed Philadelphia Naval Shipyard to develop a state-of-the-art shipbuilding facility. Kvaerner is in final talks with state and local government officials to reopen the now-dormant shipyard, which has two of the largest drydocks in the United States. The governments would invest another $400 million in the project. Kvaerner will borrow $30 million of the $45 million from the state of Pennsylvania. Kvaerner has committed to buying the first three ships built at the facility for $80 million. A Norwegian company, Kvaerner is one of the world's largest shipbuilders, and also has interests in engineering, construction and natural resources.

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