Kvaerner share purchase programme for managers

1 December 2015 - As announced on 28 October 2015, Kvaerner offered selected managers to buy shares for a maximum amount of 25 percent of their annual base salary at a price reduction of 25 percent of their annual base salary. A price reduction of 25 percent of the share price will apply in exchange for the purchased shares being subject to a three-year lock-up period. The managers are responsible for the financing and upfront cash settlement of these purchases

The subscription period was 20 November to 30 November 2015.
Shares will be allocated to managers 18 December 2015.

Please see attachment for an overview of the primary insiders whom have subscribed for shares in Kvaerner as per end of the subscription period.

The purchase price and the number of shares acquired by the primary insiders, as well as their updated shareholdings, will be notified the Oslo Stock Exchange following the determination of the purchase price and allocation of shares.

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, email: ir@kvaerner.com

Media:
Torbjørn Andersen, VP Communications, Kvaerner, Mob: +47 928 85 542,
email: torbjorn.andersen@kvaerner.com

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 September 2015 of NOK 16.2 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.