Kværner ASA: New dividend policy and dividend distribution of NOK 0.15 per share

16 July 2015 - The Board of Directors of Kværner ASA has decided to revise the company's dividend policy to reflect the developments in Kvaerner's long term markets and outlook. The last review of the dividend policy was in 2012.The Board's current priorities when proposing the level of dividends are to retain a strong balance sheet and cash position. The new policy will be implemented with immediate effect.

Kværner ASA's dividend policy is based on semi-annual dividend payments. Decisions as to dividend payments depend on outlook, liquidity and considerations such as alternative use of cash and strengthening of the company's financial structure. In periods of weak economic conditions, the dividend can be paid out as long as the group's capital structure permits.

The Board approves interim dividends based on an authorisation from the General Meeting, while the Annual General Meeting approves the final (and total annual) dividend based on a proposal from the Board of Directors.

The Board of Directors has according to the new dividend policy and pursuant to the power of attorney to approve the distribution of dividend granted by the Annual General Meeting on 9 April 2015, resolved to propose a semi-annual dividend of NOK 0.15 per share. The dividend payment is expected to take place on 23 October 2015 to shareholders of record as per 12 October 2015. The shares will be traded exclusive dividend from and including 13 October 2015.

The Board of Directors' intention is to announce the proposed dividends in connection with the reporting of fourth quarter results and second quarter results respectively.

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

In 2014, the Kvaerner group had consolidated annual revenues of close to NOK 14 billion and the company reported an order backlog at 30 June 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.