Sturla Magnus joins Kvaerner's executive management team

11 January 2017 - Sturla Magnus has been appointed new executive vice president (EVP) for Structural Solutions and responsible for Kvaerner's yard at Verdal. He will start in his new position 1 April 2017 at the latest. Previous EVP of Structural Solutions, Sverre Myklebust stepped down as EVP for Structural Solutions at year end 2016. Ole Petter Bjartnes will be interim responsible for the product area until Sturla Magnus takes up the position.

"Sturla Magnus' extensive experience from the industry and Kvaerner/Aker Solutions, as well as his hands-on management style makes him a perfect fit for our team. I look forward to getting him on board as part of our management team, says Jan Arve Haugan, President & CEO.

"I'm looking forward to come back to Kvaerner and together with the local team continue the positive development of Structural Solutions and the yard at Verdal," says Sturla Magnus.

Sturla Magnus (45) is Norwegian and holds a MSc in Civil Engineering from the Norwegian University of Life Sciences. He comes from the position as Regional Business stream Director in Skanska Norway. From 2011 to 2014 Magnus was Project Director & Branch Manager for the Kashagan Hook-up project responsible for all Kvaerner activities and personnel in Kazakhstan. Sturla Magnus has almost 20 years of experience from large construction projects and corporate management in the international oil and gas and civil construction industry in Skanska, Aker Solutions, Kvaerner, Aker Marine Contractors and AF Gruppen.

ENDS

For further information, please contact:

Media inquiries:
Tove Strand Trana, Head of Communications Mid-Norway, Kvaerner, Mob: +47 464 01 103

Investor inquiries:
Ingrid Aarsnes, VP Investor Relations & Communications, Kvaerner, 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 2 700 HSSE-focused and experienced employees are recognised for delivering some of the world's most amazing and demanding projects.

In 2015, the Kvaerner group had consolidated annual revenues of approximately NOK 12 billion and the company reported an order backlog at 30 September 2016 of NOK 8.4 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit www.kvaerner.com.