The Board of Directors' proposals to Kværner ASA's Annual General Meeting

14 February 2012 - The Annual General Meeting of Kværner ASA will be held on Thursday 12 April 2012 at Telenor Expo, Fornebu, Norway.

At a meeting on 13 February 2012, the Board of Directors resolved to propose to the Annual General Meeting of Kvaerner that an ordinary dividend for 2011 of NOK 1.00 per share is approved by the Annual General Meeting. The shares will be quoted exclusive dividend on 13 April 2012.

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 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.

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