Three powder metallurgy (P/M) heats (two STAMPed and one HIPped) of 12 CrMoV steels have been creep tested and studied metallographically. At 550°C the creep strength of the P/M heats fell within the ISO scatterband for conventional 12% Cr steel. The HIPped heat had inferior creep properties, possibly due to a different heat treatment giving a coarser carbide distribution. At 600°C the only heat tested (STAMP) revealed a significantly higher creep strength than ISO data. The precipitates were mainly of type M23C6, but VN, NbC and intermetallic phases were also detected. The carbide coarsening during creep in P/M heats was found to be much slower than for a conventional steel, especially at 600°C, which explains the high creep strength at that temperature.