Kværner ASA: Kvaerner completes divestment of the North American construction business

20 December 2013 - Kvaerner has today completed the sale of its onshore construction business in North America to Matrix Service Company. The transaction with an enterprise value of USD 80.3 million was settled in cash at closing and the financial effects will be recognised in Kvaerner's fourth quarter 2013 accounts.

ENDS

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:
Odd Naustdal, VP Communications, Kvaerner, Tel: +47 53 41 81 03, Mob: +47 905 76 079.

About Kvaerner:
Kvaerner is a leading provider of engineering, procurement and construction (EPC) services, and delivers offshore installations and onshore plants for upstream oil and gas production around the world. Kværner ASA, through its subsidiaries and affiliates ("Kvaerner"), is an international contractor and preferred partner for oil and gas operators and other engineering and fabrication contractors. Kvaerner and its approximately 2 800 HSSE-focused and experienced employees are recognized for delivering some of the world's most amazing and demanding projects.

In 2012, the Kvaerner group reported consolidated annual revenues of close to NOK 11 billion and the company reported an order backlog at 30 September of almost NOK 27 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