Kværner ASA : Increase in Kvaerner's Nyhamna onshore contract

9 January - In April 2012 Kvaerner signed a framework agreement with A/S Norske Shell for Engineering, Procurement, Construction and Management (EPCM) for modifications and projects at the Ormen Lange/Nyhamna onshore facilities. Based on the now completed front end engineering and design (FEED) work for the Nyhamna Expansion project, the estimated value of the framework agreement  has been adjusted to include an addition of approximately NOK 5 billion, giving an estimated total value of the contract of NOK 11 billion.

ENDS

For further information, please contact:

Media:

Odd Naustdal, Communication Manager, Kvaerner, Tel: +47 53 41 81 03, Mob: +47 905 76 079

Investor relations:

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

About Kvaerner:

Kvaerner is a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants. Kværner ASA, through its subsidiaries and affiliates ("Kvaerner"), is an international contractor that plans and realises some of the world's most demanding projects as a preferred partner for upstream and downstream oil and gas operators, industrial companies and other engineering and fabrication contractors.

In 2011, the Kvaerner group had aggregated annual revenues of more than NOK 13 billion and the company had an order backlog at 30 September 2012 of more than NOK 21 billion. Kvaerner was publicly listed with the ticker "KVAER" at the Oslo Stock Exchange on 8 July 2011. For further information, please visit www.kvaerner.com

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