Kværner ASA: Mandatory notification of trade primary insiders

2 May 2019 - Under Kvaerner's variable pay programme for executives for 2018, 50 percent of the earnings is deferred for three years and paid-out along with a restricted share programme element provided the executive is employed by the company at the time of payment.

The share programme element for the variable pay programme 2018 is calculated by the volume weighted share price on 30 April 2019, which was NOK 12.14. The shares will be bought by Kvaerner in 2019 and allocated to the executives three years later.

Reference is made to the Board of Directors' statement of executive remuneration published on Kvaerner's website: www.kvaerner.com. Attached is an overview of shares reserved for the primary insiders eligible under the variable pay the programme 2018.

Overview of primary insiders eligible for shares under the variable pay programme for 2018 is enclosed.

ENDS

For further information, please contact:
Media inquiries:Torbjørn Andersen, Vice President IR & Communications, Kvaerner, Mob:+47 928 85 542, email: torbjorn.andersen@kvaerner.com

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

About Kvaerner:
Kvaerner is a leading provider of engineering, procurement and construction (EPC) services, and delivers offshore installations and onshore installations 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 2018, Kvaerner's Field Development segment had consolidated annual revenues of NOK 7.3 billion and the company reported an order backlog at 31 December2018 of NOK 10.6 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.