Kværner ASA : Kvaerner EPC Houston divestment finalised - closing of transaction

17 July 2012 - Yesterday, Kvaerner closed the transaction related to the sales of on-going operations and certain assets and liabilities for EPC Center Houston, which was announced 12 July 2012.

The parties agreed that the closing conditions were satisfactory fulfilled and the final settlement took place. Kvaerner Field Development based in Houston and Kvaerner North American Construction will grow further within Kvaerner. "The closing of this transaction is an important achievement for Kvaerner which marks the conclusion of a successful process where we believe that we have created value for all parties" says Jim Miller, Executive Vice President for the downstream business in Kvaerner.

ENDS

For further information, please contact:

Media:
Liv Monica Stubholt, SVP Communications, Kvaerner, Tel: +47 22 94 69 03, Cell phone: +47 916 50 523

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

About Kvaerner:

With more than 3 200 HSE-focused and experienced employees, Kvaerner is a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants. Kvaerner 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 31 December 2011 of more than NOK 10 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