Exhibit 21

KAISER GROUP HOLDINGS, INC.
12303 Airport Way, Suite 125

Broomfield, CO 80021
(720) 889-2770

Kaiser Group Holdings, Inc.’s consolidated subsidiaries are listed below.  Consolidated subsidiaries which are less than wholly owned are indicated by the ownership percentage figure in parentheses following the name of the consolidated subsidiary.

Consolidated Subsidiary	Jurisdiction of Formation
I.  Kaiser Group International, Inc.	Delaware
II.  Kaiser Engineers Group, Inc.	Delaware
III.  Henry J. Kaiser Company	Nevada
III.  Kaiser Engineers, Inc.	Ohio
IV.  KRGW Company (Canada), Inc.	Canada
IV.  Kaiser Overseas Engineering, Inc.	Delaware
IV.  Kaiser Engineers and Constructors, Inc.	Nevada
V.  Kaiser Engenharia, S.A. (50%)	Portugal
IV.  Kaiser Engineers International, Inc.	Nevada
V.  Kaiser Engenharia, S.A. (50%)	Portugal
II.  Kaiser Engineers Massachusetts, Inc.	Delaware
II.  Kaiser Government Programs, Inc.	Delaware
III.  Kaiser K-H Holdings, Inc.	Delaware
IV.  Kaiser-Hill Company, LLC (50%)	Colorado
V.  Kaiser-Hill Funding Company, L.L.C. (98%)	Delaware
IV.  Kaiser-Hill Funding Company, L.L.C. (1%)	Delaware
II.  Kaiser Hanford Company	Delaware
II.  Kaiser Holdings Unlimited, Inc.	Delaware
III.  Kaiser Engineers Eastern Europe, Inc.	Delaware
IV.  Kaiser Netherlands B.V. (10%)	Netherlands
III.  Kaiser Netherlands B.V. (90%)	Netherlands
II.  Kaiser Technology Holdings, Inc.	Delaware
III.  Kaiser Advanced Technology, Inc.	Idaho
II.  Monument Select Insurance Company	Vermont
III.  MSIC, Inc.	Delaware
II.  Tudor Engineering Company	Delaware