Kværner ASA : New dividend policy and dividend proposal of NOK 0.53 per share
10 August 2012 - The Board of Directors of Kværner ASA has decided to amend the company's dividend policy to increase the visibility and predictability of dividends going forward. The new policy will be implemented with immediate effect.
"Kværner ASA's dividend policy is based on visibility and predictability. The ambition is to pay semi-annual dividends with increases, in order to give a stable and predictable dividend growth, balancing out the underlying volatility of earnings."
The Board of Directors has according to the amended dividend policy proposed to distribute a dividend of NOK 0.53 in second half of 2012. This will be the starting level for the semi-annual dividend with an ambition to increase the dividend by ten percent on an annual basis.
An Extraordinary General Meeting (EGM) is scheduled for 9 October 2012 at 09:00 CET. The notice of EGM will be published and sent to all shareholders at least 21 days prior to the scheduled date for EGM. Subject to the decision of the Extraordinary General Meeting, the dividend payment will take place on or about 24 October 2012 to shareholders of record as per the date of the Extraordinary General Meeting. The share would then be traded exclusive dividend from and including 10 October 2012.
Going forward the Board of Directors' intention is to announce the proposed semi-annual dividends in connection with the reporting of fourth quarter results and second quarter results respectively.
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: Mariken Holter, SVP Corporate Communications, Kvaerner, Tel: +47 67 52 74 35, Mob: +47 917 87 358.
About Kvaerner:With more than 3 200 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 2011, the Kvaerner group had aggregated annual revenues of more than NOK 13 billion and the company had an order backlog of more than NOK 23 billion on 30 June 2012. 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.