Kvaerner opens Moscow office

7 October 2013 - Kvaerner strengthens its presence in Russia by opening an office in Moscow.
"We are excited by the opportunities in the Russian Sub-arctic and Arctic regions. Establishing a permanent presence in Moscow is important in order to build competence and execute new projects in Russian markets", says Jan Arve Haugan, President & CEO of Kvaerner.

Kvaerner is the world market leader in marine concrete structures and has more than 40 years of experience as Norway's leading supplier of production facilities for oil and gas operations. The solid track record represents both offshore and onshore solutions, and shows a particular experience in solving the challenges in remote, harsh and deep water environments.

For more than 10 years, Kvaerner has been active in Russia, successfully delivering three concrete gravity base structures and a utility module, all constructed in Russia based on a high share of local content. From timely deliveries of the Sakhalin II project in 2005 and to the Sakhalin I project in 2012, Kvaerner has demonstrated that it has the capability and competence required to design, construct, and install safe, robust and high quality structures suitable for the remote Arctic in Russia.

"The opening of a Moscow office is a natural step for Kvaerner, moving from a project-by-project focus, to a permanent establishment in order to capture future opportunities in the Russian Arctic and Sub-arctic market", Haugan continues. 

Kvaerner's office in Moscow is led by Mr Andrey Plotnikov and already has a staff of 10 people currently focusing on business development activities. The new office hosts the 50/50 joint venture company Kvaerner VOSTCO Contractors.

"We see great market potential going forward, where Kvaerner's full suite of capabilities can be utilized and developed. Being on the ground, building our Russian organisation and further maturing our competence in the region will be key to ensure continued success," Plotnikov concludes.

A ribbon cutting ceremony, with His Excellency Mr Leidulv Namtvedt, the Norwegian Ambassador to Russia, marked the occasion in the presence of executive representatives from Rosneft and Sovcomflot as well as other guests. In connection with the opening, Kvaerner's Chairman, Mr Leif-Arne Langøy and the President & CEO, Mr Jan Arve Haugan together with other executives from the company visited the new office.

 
ENDS

For further information, please contact:

Media:
Odd Naustdal, VP Communications, Kvaerner, Tel: +47 53 41 81 03, Mob: +47 90 57 60 79

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

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 almost NOK 30 billion on 30 June 2013. 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 .