Kværner ASA: Kvaerner to upend hull for world's largest spar platform

17 January 2014 - Technip Norge AS has awarded Kvaerner a sub-contract for the Fjord Base and Support Services related to the upending and make ready for mating operations of the substructure for the Aasta Hansteen Spar platform.

Kvaerner's scope includes providing services and assistance to Technip during mooring, upending, ballasting, installation of predefined equipment and preparation of the Aasta Hansteen Spar for mating with the topside. The mooring site will be in Digernessundet, an established deep-water site in the vicinity of the Kvaerner yard at Stord.

The spar is scheduled to arrive at Stord late summer 2015. The spar shall be ready for mating at year end 2015.

With a total length of 198 meters, Aasta Hansteen will be the world's largest spar platform, and the first of its kind on the Norwegian continental shelf.  Statoil has contracted Technip and Hyundai Heavy Industries (HHI) in a consortium to engineer, procure and construct (EPC) the Aasta Hansteen spar substructure. The spar hull will be engineered by Technip in Houston and fabricated by HHI in Ulsan, Korea. The hull will be transported on a heavy lift carrier to Kvaerner's facilities at Stord.

Contract partner is Kvaerner subsidiary Kværner Stord AS.

ENDS

For further information, please contact:

Media:

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

Investor relations:

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

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