STOCKHOLM, Sweden, Sept. 20, 2001 — Skanska’s Norwegian subsidiary, Selmer Skanska, has been commissioned to build the new Tyin hydroelectric power plant in Norway.

The contract is valued at NOK 512 M, excluding VAT, about SEK 628 M, making it one of the largest assignments ever carried out by Selmer Skanska. The customer is Norsk Hydro.

The new Tyin plant, which is located in �vre �dal in western Norway, will have two generators with a total capacity of 375 MW, designed to produce about 1,400 GWH of electricity annually.

Selmer Skanska’s contract covers all construction and plant work, including a subterranean power station, pumping facilities, shafts and 19 km of tunnels. The assignment also includes conversion of the process-water system for the Norsk Hydro metal production plant at �dal.

The new power plant, which is to replace an older facility, will use the existing Tyin reservoir that discharges into the �dal water course. The expansion does not involve any modification of the reservoir.

Preparatory work has commenced, and the power plant is due to be completed in October 2004.

Selmer Skanska, which has annual sales of about SEK 8 billion, is the largest construction company in Norway and has been a market leader in the heavy construction sector for many years. Selmer Skanska has, for example, undertaken about 100 hydroelectric power projects in Norway.