Mandatory notification of trade primary insiders

20 May 2020

20 May 2020 – Shares awarded to employees under the variable pay programme 2017. Kværner ASA has awarded 515 412 shares to employees at a price of NOK 5.58 per share under the variable pay programme 2017. The share price was calculated 30 April 2018 as set out in the Statement of executive remuneration approved by the Annual General Meeting 2018. Please see attachment for details of about the number of shares awarded to primary insiders. After the share allocation, Kværner ASA holds 578 365 own shares.

ENDS

For further information, please contact:

Media inquiries:

Torbjørn Andersen, Vice President, IR & Communications, Kvaerner, Tel: +47 928 85 542, email: torbjorn.andersen@kvaerner.com

Investor Relations:

Idar Eikrem, EVP & CFO, Kvaerner, +Mob: +47 950 28 363, email: ir@kvaerner.com

About Kvaerner:

Kvaerner is a project execution specialist and a trusted advisor for our clients. We provide engineering, procurement and construction (EPC) services and deliver advanced offshore and onshore installations around the world.

We have offices in seven countries and approximately 2 800 employees. Health, Safety, Security and Environment (HSSE) has the highest priority in our work, and we aim to deliver technology and solutions in a safe and sustainable way. Our passion, experience and expertise realise values for clients and societies. Kværner ASA, through its subsidiaries and affiliates (“Kvaerner”), is an international contractor and preferred partner for operators and contractors within oil and gas, renewable energy and in the field of engineering and fabrication.

In 2019, Kvaerner’s Field Development segment had consolidated annual revenues of NOK 9.4 billion and the company reported an order backlog at 31 March 2020 of NOK 7.2 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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