Mandatory notification of trade primary insiders

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22 May 2017 - Shares awarded to employees under the variable pay programme 2014. Kværner ASA has awarded 1 431 981 shares to employees at a price of NOK 5.82 per share under the variable pay programme 2014. The share price was calculated 30 April 2015 as set out in the Statement of executive remuneration approved by the Annual General Meeting 2015.

Please see attachment for details of about the number of shares awarded to primary insiders.

After the share allocation, Kværner ASA holds 2 242 080 own shares.

ENDS

For further information, please contact:

Investor inquiries:
Ingrid Aarsnes, VP Investor Relations & Communications, Kvaerner, Mob: +47 950 38 364, email: ir@kvaerner.com

Media inquiries:
Torbjørn Andersen, Head of 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 2 600 HSSE-focused and experienced employees are recognised for delivering some of the world's most amazing and demanding projects.

In 2016, the Kvaerner group had consolidated annual revenues of close to NOK 8 billion and the company reported an order backlog at 31 March 2017 of NOK 10.8 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.