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2016-09-14

Kvaerner ASA: Kvaerner awarded more Njord work

14 September 2016 - Statoil has made a call-off from the framework agreement
for upgrading of the Njord A semi-submersible platform, which includes
preparations and docking of the platform. The call-off has an estimated value
of NOK 350 million.

On 1 April Kvaerner signed a project framework agreement (PFA) with Statoil
for the upgrading of the semi-submersible platform Njord A. The PFA signed by
Statoil and Kvaerner is based on a project execution plan, where Statoil at
key milestones has the option to call-off the execution of further phases.
The first call-off for front-end engineering and design (FEED) was signed at
the same time as the PFA. In May, Statoil made a call-off for yard stay at
Kvaerner's yard at Stord.

The option that now has been called-off is for preparations of reconstruction
and execution of docking of the platform, which includes removal of derrick,
flare, lifeboat system and inspection. Prefabrication of time critical
elements, mainly two pontoons that will increase the buoyancy of the hull, is
also a part of the scope.

The platform is now moored quayside at Kvaerner, where it will be situated
until derrick, flare and lifeboats are removed. Simultaneously, fabrication
of the two new pontoons will commence. The dry dock phase is expected to last
until end August 2017.

Njord A was delivered from then Aker Stord in 1997.

ENDS

For further information, please contact:

Investor Relations:

Ingrid Aarsnes, SVP Investor Relations&Communication, Kvaerner, Tel: +47 67 59
50 46, Mob: +47 950 38 364, email:ir@kvaerner.com

Media:

Odd Naustdal, Head of Communications, Kvaerner West Norway, Mob: +47 905 76
079, email:odd.naustdal@kvaerner.com

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 June 2016 of
NOK 10.2 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 seeThis 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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