Kværner ASA: Kvaerner authorised for further work on Hebron GBS

25 April 2012 - Kiewit-Kvaerner Contractors, the 50/50 joint venture between Peter Kiewit Infrastructure and Kvaerner, has been authorised by ExxonMobil Canada Properties (EMCP) to proceed with work on the Hebron Project gravity based structure (GBS) project in Newfoundland and Labrador, Canada.

The authorisation follows substantial completion of front end engineering and design services and awards the next phase, which includes detailed engineering, procurement and construction (EPC) related services. Kvaerner estimates its share of this work to be approximately USD 125-150 million.

ENDS

For further information, please contact:

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

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

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