Kværner ASA: Kvaerner opens office in Trondheim, the technology capital of Norway

8 March 2012 - Kvaerner establishes an engineering office in Trondheim. The establishment will increase Kvaerner's capacity and competence to meet the future activities, and it is part of the company's jacket strategy in the oil and gas industry.

Being close to the technology and research communities in the city as well as the yard in Verdal, make Trondheim an attractive location for establishment and expansion.

Trondheim is often referred to as the "technology capital". NTNU and Sintef hold much of the credit for this. The Norwegian University of Science and Technology educates around 80 percent of all engineers in Norway.

"The market prospects are good and the Verdal yard has for the past years invested in increased capacity. By establishing this office in Trondheim, we aim to increase our capacity for studies, FEEDs and EPC contracts for large, complex jackets", says Jan Arve Haugan, President & CEO in Kvaerner.

Stein Are Ystmark is appointed Managing Director for the new company. He comes from a head of department position in Aker Solutions. Mr. Ystmark is an educated engineer from HIST/NTNU in 1999 and has additional education within management. Ystmark has a background as engineer in the Bergen Group - Fosen, and technical manager and subsequently general manager at Selfa Arctic AS.

The work obtaining suitable offices in Trondheim is in progress with the aim of being operative in Trondheim from July 2012. The plan is to build up a capacity of about 15 people during 2012. The recruitment of key personnel starts immediately.

The new company will be named Kværner Jacket Technology Trondheim AS, and will be a wholly owned subsidiary of Kværner Verdal AS.

The Kvaerner yard in Verdal is one of few yards in Europe specialised in building jackets. The present contract portfolio includes six jackets for oil companies in Norway and the UK, as well as 49 smaller jackets for offshore wind in Germany.

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For more information, contact:

Media:
Tove Strand Trana, Communication manager, Kvaerner, Tel. Mob: +47 464 01 103
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 on 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.