Approval and Publication of Prospectus Supplement

Kvaerner is publishing a supplement to its prospectus issued on 15 June 2011 containing supplemental information related to the ruling in the Blind Faith dispute as previously disclosed through stock exchange announcement. The Norwegian Financial Supervisory Authority (Nw. Finanstilsynet) has informed Kvaerner that the prospectus supplement dated 21 June 2011 has been approved.

The prospectus, together with the prospectus supplement, will be available at the following internet pages: www.kvaerner.com; www.dnbnor.no; www.nordea.no and www.sebenskilda.no. Hard copies of the prospectus, together with the prospectus supplement, may be obtained by contacting Kvaerner (+ 47 21 08 90 00), DnB NOR Markets (+47 22 94 88 80), Nordea Markets (+47 22 48 50 00) or SEB Enskilda (+ 47 21 00 85 00).

Contacts:

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

Media:
Mariken Holter, SVP Corporate Communications, Kvaerner
Tel: +47 67 52 74 35, Mob: +47 91 78 73 58

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. Kvaerner, through its subsidiaries and affiliates, 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 per 1 April 2011 of more than NOK 15.6 billion. Until consummation of the demerger of Aker Solutions, Kvaerner is owned 100 percent by Aker Solutions. Kvaerner's web-site is www.kvaerner.com.

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