Kværner ASA : Kvaerner wins Hild jacket EPSC contract

13 February 2012 - Total E&P Norge AS has awarded Kvaerner an EPSC-contract (Engineering, Procurement, Supply and Construction) of close to NOK 1.1 billion for delivery of a steel jacket to be located at the Hild Field offshore the Norwegian North Sea.

 "We are very pleased to have won our second jacket this year in tough international competition. This is in line with our strategy, and demonstrates our strong position in the jacket EPC market, says Nina Udnes Tronstad, Executive Vice President in Kvaerner responsible for the jacket business.

The contract will be executed by Kvaerner's yard in Verdal, and includes engineering, procurement, supply, construction, load-out and sea-fastening of the jacket and associated piles. The jacket (16 500 tonnes) and piles will have a total weight of approximately 21 400 tonnes.

Detailed engineering starts immediately, while fabrication in Verdal will commence in fourth quarter 2012. The project will reach its peak manpower of more than 400 persons in third quarter 2013. The Hild jacket will be delivered in the spring of 2014, and becomes number 42 in the series of jackets delivered by Kvaerner since 1975.

Kvaerner's yard in Verdal is one of the few yards in Europe specialising in EPC jacket deliveries, with altogether five oil and gas jackets currently in execution for ConocoPhillips in Norway, BP in UK and and the recently awarded Luno jacket for Lundin Norway AS, in addition to 49 jackets for the offshore wind farm project Nordsee Ost for RWE Innogy in Germany.

The contract party is Kvaerner's fully owned subsidiary, Kværner Verdal AS.

ENDS

For further information, please contact:

Media:

Tove Strand Trana, Communication Manager, Kvaerner, Jackets, Mob: +47 464 01 103

Investor relations:

Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364

About Kvaerner:

With more than 3 500 HSE-focused and experienced employees, Kvaerner is a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants. Kværner ASA, through its subsidiaries and affiliates ("Kvaerner"), is an international contractor that plans and realises some of the world's most demanding projects as a preferred partner for upstream and downstream oil and gas operators, industrial companies and other engineering and fabrication contractors.

In 2010, the Kvaerner group had aggregated annual revenues of more than NOK 13.3 billion and the company had an order backlog at 30 September 2011 of close to NOK 12 billion. Kvaerner was publicly listed with the ticker "KVAER" at the Oslo Stock Exchange on 8 July 2011. For further information, please visit www.kvaerner.com.

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