CORRECTION Kvaerner sells 1 430 429 shares to employees

5 December 2019 – The 26 November 2019 Nordea Markets sold on behalf of Kværner ASA 1 430 429 shares in relation with the company's share purchase programme for employees. Following the transaction, Kværner ASA holds a total of 1 093 77 own shares. The price was based on the average volume weighted share price on Oslo stock exchange over the five days period from 18 November to 22 November 2019 giving a price per share of NOK 12.46 More than 2 450 employees in Norway were invited to participate in Kvaerner's fifth share purchase programme where they were offered to buy shares for up to NOK 60 000 each. The participants in the employee share purchase programme were offered a discount of up to NOK 3 000 in addition to a price reduction of 20 percent on the share price. The shares purchased by the employees through the programme are subject to a two year lock-up period from the date of delivery.

In the release 26 November 2019 the overview of the primary insiders shareholdings contained an error. An attachment with new corrected total shareholdings after the share purchase in connection with the programme is attached.

ENDS

For further information, please contact:

Media inquiries:
Torbjørn Andersen, Head of 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 project execution specialist and a trusted advisor for our clients. We provide engineering, procurement and construction (EPC) services and deliver advanced offshore and onshore installations around the world.

We have offices in seven countries and approximately 2 800 employees. Health, Safety, Security and Environment (HSSE) has the highest priority in our work, and we aim to deliver technology and solutions in a safe and sustainable way. Our passion, experience and expertise realise values for clients and societies. Kværner ASA, through its subsidiaries and affiliates ("Kvaerner"), is an international contractor and preferred partner for operators and contractors within oil and gas, renewable energy and in the field of engineering and fabrication.

In 2018, Kvaerner's Field Development segment had consolidated annual revenues of NOK 7.3 billion and the company reported an order backlog at 30 September 2019 of NOK 8.3 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit www.kvaerner.com (http://www.kvaerner.com).

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About Us

Kvaerner is a project execution specialist and a trusted advisor for our clients. We provide engineering, procurement and construction (EPC) services and deliver advanced offshore and onshore installations around the world.We have offices in seven countries and approximately 2 800 employees. Health, Safety, Security and Environment (HSSE) has the highest priority in our work, and we aim to deliver technology and solutions in a safe and sustainable way. Our passion, experience and expertise realise values for clients and societies. Kværner ASA, through its subsidiaries and affiliates ("Kvaerner"), is an international contractor and preferred partner for operators and contractors within oil and gas, renewable energy and in the field of engineering and fabrication.In 2019, Kvaerner's Field Development segment had consolidated annual revenues of NOK 9.4 billion and the company reported an order backlog at 31 March 2020 of NOK 7.2 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit www.kvaerner.com .