Kværner ASA: Executive management changes in Kvaerner's Jackets business

As part of the development of the jackets business towards operational excellence, Nina Udnes Tronstad steps down from her position as Executive Vice President for the Jackets business area and President of Kvaerner Verdal A/S. Senior Vice President Sverre Myklebust will as of today act in both positions until a successor has been recruited.

"Nina and her team have since 2007 further developed the yard at Verdal and secured several new contracts. Today, the yard runs at full capacity and is fully booked throughout 2013. There have been operational challenges over the last year related to the on-going Nordsee Ost offshore wind jacket project and unsatisfactory HSE performance. We have agreed that it is time to further strengthen our internal operational focus to fully ensure that our project objectives are met", says President & CEO Jan Arve Haugan.

Sverre Myklebust comes from the position as Senior Vice President responsible for subcontracting and procurement in Kvaerner's North Sea business area. Myklebust joined Aker Stord in 1977 and has more than 30 years' experience from the oil and gas industry. He has held various management and project director positions for a range of major offshore oil and gas projects, including Ormen Lange and Njord "A".

"I am confident that Sverre's experience will strengthen the jacket business' operational performance.  I would also like to thank Nina for her important contributions to developing our Jackets business", Haugan concludes.

"I have had five extraordinary years at Verdal addressing both initial low yard employment, big contract awards and recent operational challenges. I embrace my leadership responsibility and today this means it is time to move on," says Nina Udnes Tronstad.

Udnes Tronstad will continue to work for Kvaerner and takes on a new role as Senior Vice President Procurement. In her new position, Udnes Tronstad will establish a team being mandated to build up a global procurement hub out of Kvaerner's London office.

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 Corporate Communications, Kvaerner, Tel: +47 67 52 74 35, Mob: +47 917 87 358.

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. 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 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.