Kværner ASA: Liv Monica Stubholt joins Kvaerner

Liv Monica Stubholt joins Kvaerner's executive management team as Senior Vice President for Strategy and Communication.

"With the planned growth ambitions, Kvaerner strengthens its executive management capacity in order to drive the strategic agenda and to increase focus on relations with key stakeholders in the regions where we operate", says President & CEO of Kvaerner, Jan Arve Haugan.

Liv Monica Stubholt is a law graduate from the University of Oslo, has practiced as a lawyer, partner and advisor in the first part of her career (1987-2005). She has a broad experience from the political scene as well as from the Oil, Engineering and Technology Industries.  She has an extensive national and international network with key stakeholders within Kvaerner's field of operations, such as the Norwegian Continental Shelf, North West Russia and the Arctic Region in general.

"Liv Monica's business, legal and political track record will add value to several perspectives of Kvaerner's development", Haugan continues.

From 2009 until now Liv Monica Stubholt has held the positions of Investment Director in Aker ASA, acting CEO & President of Aker Seafoods ASA  and lately she held the position as CEO of Aker Clean Carbon AS. She served as Deputy Minister of Foreign Affairs (2005-2007) and Deputy Minister of Petroleum and Energy (2007-2009) in Norway. She is on the board of directors of Norsk Hydro ASA.

Liv Monica Stubholt will start in her new position by end April  2012.

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For more information, contact:

Media:

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

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 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.