VA Technologie AG

euro adhoc: VA Technologie AG

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

A consortium between VA TECH HYDRO, Combined Cycle, one of the world┬ĺs leading suppliers of equipment and services for Combined Cycle Power Plants, and GENERAL ELECTRIC, the largest industrial company in the United States, has been awarded a contract valued at EUR 180 million by Coolkeeragh ESB to build a new Combined Cycle Power Plant near Londonderry, in Northern Ireland.

The new plant will be situated at Coolkeeragh, some 9 km (5.6 miles) north east of the city of Derry on the East bank of the River Foyle, adjacent to the site of the existing oil-fired station.  It will draw its natural gas supply from the new 116 km (69 miles) gas pipeline being constructed from Belfast to the Northwest, further strengthening the security of both gas and electricity supply in Northern  Ireland and contributing considerably to environmental protection.

Work is scheduled to commence on this major turnkey project in early October 2002 and will entail, engineering of the entire plant, the manufacture and installation of a Gas Turbine, a Steam Turbine, a Heat Recovery Generator, associated Civil Works and all ancillary plant works and services.  When the new plant becomes fully operational in early 2005, the existing station will be de-commissioned.

The project represents a major investment in Northern Ireland and is of great  importance to the region. When completed, it will provide secure direct employment for some 40 people as well as providing a major boost to the local construction sector during the construction phase.

"As an Austrian company with some 2,000 employees in the UK alone , we are extremely proud that Coolkeeragh ESB has chosen VA TECH HYDRO for this major scheme in Northern Ireland.  We are fully aware of the importance of the project to the region and look forward to forging some longer term business relationships as we endeavour to take our own company forward in the wider European market place," said Helmuth Tschabuschnig, Member of the Board of VA TECH HYDRO.

VA TECH HYDRO is a company of the listed VA Technologie AG (VA TECH) group and is a global supplier of electromechanical equipment and services ("Water to Wire") for hydropower plants. VA TECH HYDRO is one of the world┬ĺs largest suppliers for the hydroelectric power generation market, and holds a leading position in the growing power plant refurbishment sector. In 2001, VA TECH HYDRO achieved a turnover of EUR 670 million with approximately 3,150 employees.

end of announcement            euro adhoc 24.10.2002

Further inquiry note: Wolfgang Schwaiger Strategy, Communications and Investor Relations phone: 43 732 6986-9222 fax: 43 732 6980-3416

Branche: Technology
ISIN:      AT0000937453
WKN:        093745
Index:    ATX, ATX Prime, WBI
B├Ârsen:  Bayerische B├Ârse / free trade
              Berliner Wertpapierb├Ârse / free trade
              Wiener B├Ârse AG / official dealing

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