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2014-05-16

Kværner ASA: Kvaerner delivers Eldfisk 2/7 S topside

16 May 2014 - Today, the Eldfisk 2/7 S topside leaves Kvaerner's yard at
Stord.
The Eldfisk topside was completed in April as planned, on time and to the
specified quality.

In March 2011 Kvaerner signed a contract with ConocoPhillips to deliver the
topside for the Eldfisk 2/7 S integrated production platform. The topside was
completed in April 2014 as planned, and will be towed to field in the North
Sea today.

"We are extremely proud of the Eldfisk delivery. It is a state-of-the-art
platform and possibly one of the most complete topsides ever delivered," says
Jan Arve Haugan, President&CEO of Kvaerner.

The Eldfisk 2/7 S topside consists of one combined living quarter and utility
module and a combined process and wellhead module, with a total weight of 15
500 tons. The project was executed with fabrication deliveries from
subcontracting partners in Poland and Finland, and fabrication, assembly and
commissioning at Stord. In addition, the contract included the fabrication of
two bridges, one bridge support module and a flare, all of which were
delivered in 2013 directly to the field from Kvaerner's subcontractors in
Poland. At peak, Kvaerner has had more than 2 000 people involved in the
project.

As the topside leaves Stord, it will be towed to field and lifted onto the
steel jacket substructure in two separate lifts. Kvaerner will then perform
the offshore hook-up work to prepare the platform for production start. This
work has already commenced and will continue through the summer and into the
fall.

"Effective hook-up and preparation for production start is a specialised line
of work where we have strong experience. We look forward to following Eldfisk
offshore to assist the customer with the completion activities," says Haugan.

Eldfisk is a part of the Greater Ekofisk Area and has been in production since
1979. The field is located in the southern part of the North Sea, about 300
kilometers from the Norwegian shore.

A high resolution version of the photo can be downloadedhere
and atwww.kvaerner.com.

ENDS

For further information, please contact:

Media:
Odd Naustdal, VP Communications, Kvaerner, Tel: +47 53 41 81 03, Mob: +47 905
76 079

Torbjørn Andersen, VP Communications, Kvaerner, Mob: +47 928 85 542

Investor Relations:
Ingrid Aarsnes, SVP Investor Relations&Communications, Kvaerner, Tel: +47 67
59 50 46, Mob: +47 950 38 364

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. Kværner 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 2 800 HSSE-focused
and experienced employees are recognized for delivering some of the world's
most amazing and demanding projects.

In 2013, the Kvaerner group reported consolidated annual revenues of close to
NOK 13 billion and the company reported an order backlog at 31 March of
almost NOK 20 billion. Kvaerner is publicly listed with the ticker "KVAER" at
the Oslo Stock Exchange. For further information, please
visitwww.kvaerner.com.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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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