Kværner ASA: Change in Kvaerner's share purchase programme for managers

28 October 2015 - Reference is made to Kvaerner's stock exchange release of 29 September 2015: Kvaerner share purchase programmes.

The offer to selected managers to buy shares for a maximum amount of 25 percent of their annual base salary at a price reduction of 25 percent has been postponed. The new subscription period is 20 November to 30 November 2015. Shares will be allocated to managers 18 December 2015.

The share purchase programmes are run by Nordea under the agreement dated 28 September 2015. The subscription period for the employee programme is as previously announced 28 October to 16 November 2015.

ENDS

For further information, please contact:

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

Media:
Torbjørn Andersen, VP Communications, Kvaerner, Mob: +47 928 85 542

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. Kvaerner 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 2 900 HSSE-focused and experienced employees are recognised for delivering some of the world's most amazing and demanding projects.

In 2014, the Kvaerner group had consolidated annual revenues of approximately NOK 14 billion and the company reported an order backlog at 30 June 2015 of NOK 17.7 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit www.kvaerner.com.

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