CORRECTION: Kværner ASA: Kvaerner sells 1 770 314 shares to employees
28 August 2013 - Yesterday, Kværner ASA sold 1 770 314 own shares in relation with the company's share purchase programmes for employees and managers. Following the transaction, Kværner ASA holds a total of 51 686 own shares. The price was based on the average volume weighted share price on the Oslo Børs (the stock exchange in Oslo) over the 5 days period from 19 August to 24 August 2013 giving a price per share of NOK 10.04.
2 439 employees in Norway were invited to participate in Kvaerner's second share purchase programme where they were offered to buy shares for up to NOK 60 000 each. Out of these,17 percent signed up for an average purchase amount of NOK 42 827.
The participants in the employee share purchase programme were offered a discount of NOK 1 500 in addition to a price reduction of 25 percent on the share price. The shares purchased by the employees through the programme are subject to a three year lock-up period from the date of delivery.
In addition, Kvaerner offered certain managers the opportunity to buy shares through a separate manager share purchase programme where eligible managers could purchase shares for a maximum amount of 25 percent of their base salary. The managers were offered a 25 percent price reduction on the share price against accepting a three-year lock-up period during which they will not be able to sell the shares.
Attached is an overview of the primary insiders' acquisitions in connection with the programmes.
ENDS
For further information, please contact:
Investor relations: Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364
Media: Odd Naustdal, VP Communications, Kvaerner, Tel: +47 53 41 81 03, Mob: +47 905 76 079.
About Kvaerner:
With more than 3 000 HSSE-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 2012, the Kvaerner group had consolidated annual revenues of close to NOK 11 billion and the company had an order backlog of almost NOK 30 billion on 30 June 2013. 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.