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2017-01-31

Kvaerner ASA: Kvaerner awarded contract for offshore hook-up of the Johan Sverdrup riser platform

31 January 2017 - Kvaerner has together with Aker Solutions been awarded a
contract for offshore hook-up of the riser platform for the Johan Sverdrup
field. Kvaerner and Aker Solutions will work integrated with Statoil and
assist in all parts of the project execution. The scope will primarily
consist of planning, management and hook-up of the seven platform modules,
scheduled to arrive in Norway in second quarter 2018.

Kvaerner will formally operate as a subcontractor to Aker Solutions. The
contract has an estimated value for Kvaerner of approximately NOK 450
million.

"We are very pleased to be awarded this project in cooperation with Aker
Solutions. This is yet another confirmation of our experience and expertise
within offshore hook-up and completion," says Terje Johansen, responsible for
hook-up and completion in Kvaerner.

The project will commence in February 2017 and will in the preparation phase
employ around 100 people. This work will be carried out in Stavanger. In the
execution phase, starting summer 2018, up to 1 000 persons could be involved
in the project.

The contract also includes options for offshore hook-up of the process and
living quarter platforms for Johan Sverdrup. These platforms are scheduled
for field installation in 2019.

ENDS

For further information, please contact:

Investor relations:

Ingrid Aarsnes, VP Communication&IR, Kvaerner, Mob: +47 950 38 364

Media:

Odd Naustdal, Head of communication West Norway, Kvaerner, Mob: +47 905 76 079
About Kvaerner:
Kvaerner is a leading provider of engineering, procurement and construction
(EPC) services, and delivers offshore installations and onshore plants for
upstream oil and gas production around the world. Kvaerner ASA, through its
subsidiaries and affiliates ("Kvaerner"), is an international contractor and
preferred partner for oil and gas operators and other engineering and
fabrication contractors. Kvaerner and its approximately 2 700 HSSE-focused
and experienced employees are recognised for delivering some of the world's
most amazing and demanding projects.

In 2015, the Kvaerner group had consolidated annual revenues of approximately
NOK 12 billion and the company reported an order backlog at 30 September 2016
of NOK 8.4 billion. Kvaerner is publicly listed with the ticker "KVAER" at
the Oslo Stock Exchange. For further information, please
visitwww.kvaerner.com.

To subscribe or unsubscribe to our press releases, please see our web
page:http://www.kvaerner.com/en/toolsmenu/Media/Subscribe-to-releases/

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kværner ASA via Globenewswire

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