SAN FRANCISCO, and BELLEVUE, Wash., Feb. 21 -- Kvaerner
Environmental and SECOR International Incorporated (Kvaerner and SECOR)
announced today the formation of an alliance to pursue business under a
program called TRAC. The program, Transfer Risk Accelerate Closure is an
innovative contracting strategy that allows customers to transfer the risk and
responsibilities associated with contaminated sites to Kvaerner and SECOR for
a guaranteed fixed price. Sites are then cleaned up and closed under an
accelerated program.

This innovative approach provides significant benefits over traditional
contracting and allows customers to:

* eliminate future financial risks and liability exposures associated with
the site

* cap potential cost growth

* reduce or eliminate customer oversight costs

* out-source remediation activities while eliminating the costly bidding
process

Under the alliance Kvaerner will provide review of treatment technologies,
construction of selected remedies, decontamination and decommissioning of
facilities and plants, management plans, construction quality control, and
construction safety and health management. SECOR will provide feasibility
studies, assessments, environmental engineering and development of remedies,
field engineering and regulatory compliance and permitting.

The program is backed by project-specific insurance programs developed by
AON, the world's largest insurance broker and the resources of one of the
world's largest engineering and construction contractors, KVAERNER ASA. The
majority of work is performed by Kvaerner and SECOR in-house technical and
construction resources.

Kvaerner Environmental is a wholly-owned subsidiary of KVAERNER ASA and
provides environmental engineering and construction services. Kvaerner's San
Francisco, California office has more than 400 employees and serves as the
worldwide headquarters for its Environmental Division.

KVAERNER ASA is a global diversified business group, registered in Norway
with its international headquarters in London. The group employs more than
56,000 people world-wide and has an annual operating revenue exceeding US$10
billion. The group is a global leader in technology-based engineering,
manufacturing and construction services for a wide range of industries.
Kvaerner has a leading position in maritime industries, such as ship building,
and is a world leader in pulp and paper technologies. It is a key
manufacturer and developer of systems and technologies for the type of
environmentally friendly solutions needed in processing natural resources,
such as forests, oil, gas, minerals, steels, and hydro-power. It also has
interests in commercial property and is the owner of the Cunard fleet.

SECOR International Inc. is an engineering services company with a diverse
staff of over 650 engineering, science and regulatory compliance personnel
located in 55 offices throughout North America, Europe and South America.
SECOR has successfully completed thousands of projects providing environmental
assessment, engineering, cleanup, regulatory permitting and compliance, and
information management system planning and implementation.