Kvaerner achieves substantial completion on Longview project

Kvaerner's subsidiary Kvaerner North American Construction Inc. ("Kvaerner NAC"), along with its other consortium member, Siemens Energy Inc., have achieved Substantial Completion of the 695 megawatt (net) supercritical pulverized coal Longview Power Plant, located in Maidsville, West Virginia.  The Plant has now been turned over to the owner, Longview Power, LLC.  

ENDS

For further information, please contact:

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

Media:
Mariken Holter, SVP Communications, Kvaerner, Tel: +47 67 52 74 35, Mob: +47 91 78 73 58

About Kvaerner:

With more than 3 500 HSE-focused and experienced employees, 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 2010, the Kvaerner group had aggregated annual revenues of more than NOK 13.3 billion and the company had an order backlog at 30 September 2011 of close to NOK 12 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.