Kværner ASA: New CEO for Kvaerner

20 March 2018 - Karl-Petter Løken has been appointed President and Chief Executive Officer (CEO) for the international contracting company Kvaerner. He will start during the spring as soon as he has ended his current position as head of Project Development for the oil company Lundin Norway.

"Kvaerner has delivered a consecutive line of positive results for many years, and has become a leading contractor in several areas. The Board of Directors have experienced a strong interest from many well qualified candidates to take over as CEO for Kvaerner. The company has a solid foundation for further development and growth, and we are pleased that Løken has decided to take the helm. He has a strong understanding of the industry, he knows Kvaerner also from the customer side, and he has a wide experience in developing teams for high performance", says Chairman of the Board, Leif-Arne Langøy.

Karl-Petter Løken (51) holds a Master's degree in chemical engineering from the Norwegian University of Science and Technology. Since 1991, he has held key positions in the oil and gas industry for companies like Statoil, Aker Solutions and Lundin Norway. For many years, Løken was in parallel with his industrial career also a top league soccer player in Norway, including 36 matches for the national team. In his free time, he has also been a popular expert commentator with the Norwegian Broadcasting Corporation (NRK) for presentations of soccer-matches. Løken is married and has three children.

From 2011 to 2015, Løken was Engineering Manager for Lundin Norway's Edvard Grieg field development, where Kvaerner was the key contractor.

"I am looking forward to becoming a part of Kvaerner. I already know a bit about the organisation, the people and what they stand for. Over the past years, I have also been impressed by how Kvaerner has become recognized by international customers for being the contractor that always delivers as planned. The company's expertise, capacity and position is a strong base for continuing this systematic performance, and for simultaneously developing the business further", says Karl-Petter Løken.

At 23 February 2018, Kvaerner announced that its former President & CEO Jan Arve Haugan was leaving to take up a new position as manager for Aker Energy. Kvaerner's EVP & CFO Idar Eikrem will continue as interim CEO until Løken takes up his position.

ENDS

For further information, please contact:

Photo of Karl-Petter Løken can be downloaded at www.kvaerner.com.

Investor inquiries:
Ingrid Aarsnes, VP Investor Relations & Communications, Kvaerner, Mob: +47 950 38 364, email: ingrid.aarsnes@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 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 2 700 HSSE-focused and experienced employees are recognised for delivering some of the world's most amazing and demanding projects.

In 2017, Kvaerner's Field Development segment had consolidated annual revenues of NOK 7.6 billion and the company reported an order backlog at 31 December 2017 of NOK 8.1 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit www.kvaerne.com.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.