Kværner ASA: Contract for the second Johan Sverdrup jacket

10 September 2015 - Today Kvaerner will sign the final contract for delivery of the drilling platform jacket to the Johan Sverdrup field. This is number 45 in a series of steel substructures from Kvaerner in the past 45 years.

On 26 June 2014 Kvaerner entered into a frame agreement for delivery of steel jacket substructures for future Statoil projects. At the same time Letter of Intent were signed for the steel jackets for the Johan Sverdrup riser platform and drilling platform.

- Kvaerner is known in the business to always deliver demanding projects at the agreed time and quality. With the two contracts for delivery of steel jackets to Johan Sverdrup in order backlog, Kvaerner Verdal has a solid and predictable foundation as basis for continuous improvement and long-term planning in connection with further development of Kvaerner in Verdal, says Jan Arve Haugan, Kvaerner's President & CEO.

The new contract reinforces Kvaerner's position as the market leader for large steel jacket substructures to the North Sea region. The drilling platform jacket is scheduled to be delivered in the spring of 2018. The engineering has now started at Kvaerner's offices in Oslo. Kvaerner Verdal is the contract party, and the project management will be based at the company's specialised jacket facility in Verdal in Mid-Norway, where fabrication will be executed. Prefabrication will start in the summer of 2016, and assembly will take place from the spring of 2017.

At peak manning, around 250 Kvaerner employees will be working on the drilling platform jacket. Together with the delivery of the riser platform jacket, this will engage around 500 Kvaerner employees when the two projects are at their most hectic. Additionally, it is expected that as spin-off effects of the two deliveries work will be created for another 1 500 people in Kvaerner's sub-suppliers and from regional service providers in private and public sector.

Johan Sverdrup jackets fact sheet

ENDS

For further information, please contact:

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

Media: Tove Strand Trana, Communication Manager, Kvaerner, Jackets, Mob: +47 464 01 103

Investor Relations: Ingrid Aarsnes, SVP Investor Relations & Communications, 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. 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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