Kværner ASA: Kvaerner awarded jacket FEED study for Johan Sverdrup Phase 2

21 March 2017 - Kvaerner has signed a contract with Statoil for delivery of a FEED study on Johan Sverdrup Phase 2 for P2 Jacket. The work will be performed by Kvaerner's specialised design engineering group for steel substructures. The contract is a call-off from the framework agreement that was entered into by Statoil and Kvaerner in 2014, and it has a value of around NOK 6 million including options for additional studies to review alternative installation methods.

The FEED study objective is to develop and mature the concept for the Process Platform 2 steel substructure - P2 jacket in order to develop technical documentation to a level appropriate for start-up of detailed design or EPC contract, as well as establishing necessary interface to other parts of the Johan Sverdrup Phase 2, and establish the basis for a safe execution with minimal growth and changes during the project phase.

- This contract is very important for Kvaerner and for our position as a leading jacket design and project contractor, as well as a jacket EPC provider (Engineering, procurement, construction). The contract also represents a volume that ensures work until spring 2018 for a large part of our engineers within steel substructures. Additionally, the contract is strategically important for Kvaerner in a longer perspective. When entering the FEED, we are close to the development - and with that we secure a good position for future EPC contracts, says Executive Vice President responsible for jackets, Sturla Magnus.

The work starts immediately and will continue until delivery of final FEED study report 1 February 2018.

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 2016, the Kvaerner group had consolidated annual revenues of close to NOK 8 billion and the company reported an order backlog at 31 December 2016 of NOK 6.5 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit www.kvaerner.com.