Sverre Myklebust joins Kvaerner's executive management team

5 September 2012 – Sverre Myklebust has been appointed as Executive Vice President for the Jackets business area and as President of Kværner Verdal A/S.

Sverre Myklebust has been acting in the positions since June 2012. He has more than 30 years' experience from the oil and gas industry and has held various management and project director positions for a range of major offshore oil and gas projects, including Ormen Lange and Njord "A" Recently he was responsible for subcontracting and procurement in Kvaerner's North Sea business area.

Today, the Verdal yard runs at full capacity and is fully booked throughout 2013. Going forward, Kvaerner is now further strengthening its operational focus.

“I am pleased to welcome Sverre as a member of the Executive Management Team. I am confident that his experience and hands-on management style will strengthen the jacket business' operational performance”, says President & CEO Jan Arve Haugan.

“I’m very pleased to accept the offer to lead the Jackets business area in Kvaerner. The last two months have been inspiring and motivating for me and I look forward to taking the Verdal organisation one step further operationally”, says Executive Vice President Sverre Myklebust.

ENDS

For more information, contact:
Investor relations: Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364

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 of more than NOK 23 billion on 30 June 2012. 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.