Kvaerner has entered into lease agreement for new headquarters at Fornebu

23 April 2013 – Kvaerner has signed an agreement with Fornebuporten AS for a long term lease for Fornebuporten – a new headquarters office building which will be built at Fornebu near Oslo. The Fornebu peninsula is a key location for the Norwegian oil and gas industry and the new headquarters gives Kvaerner proximity to partners and customers. The building’s functionalities will be tailored to meet Kvaerner’s specifications. The transaction is a related party transaction.

The design and new headquarters building will be developed in close cooperation with Kvaerner with office lay-out favourable to Kvaerner’s project orientated business activities. The lease contract is for approximately 8.000 sqm.

Fornebuporten is owned and developed by Aker ASA through Aker’s wholly-owned subsidiary Fornebuporten AS.  Since Aker has ownership interests in both companies, the lease agreement between Fornebuporten and Kvaerner is a related party transaction.  Consequently, the pre-transaction process and conclusion to enter into the lease agreement have been conducted at arm’s length, in accordance with relevant regulation as well as in compliance with Kvaerner’s own guidelines for related party transactions. 

Kvaerner’s new headquarter building, Fornebuporten, is scheduled for completion in second quarter 2015.

The term of the agreement is 12 years with options for five + five years.

ENDS

For further information, please 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 3 000 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 2012, the Kvaerner group had consolidated annual revenues of close to NOK 11 billion and the company had an order backlog of more than NOK 21 billion on 31 December 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

This information is subject of the disclosure requirements pursuant to section 3-3 of Continuing obligations of stock exchange listed companies.