Kvaerner ASA: Kvaerner awarded more Njord work

14 September 2016 - Statoil has made a call-off from the framework agreement for upgrading of the Njord A semi-submersible platform, which includes preparations and docking of the platform. The call-off has an estimated value of NOK 350 million.

On 1 April Kvaerner signed a project framework agreement (PFA) with Statoil for the upgrading of the semi-submersible platform Njord A. The PFA signed by Statoil and Kvaerner is based on a project execution plan, where Statoil at key milestones has the option to call-off the execution of further phases. The first call-off for front-end engineering and design (FEED) was signed at the same time as the PFA. In May, Statoil made a call-off for yard stay at Kvaerner's yard at Stord.

The option that now has been called-off is for preparations of reconstruction and execution of docking of the platform, which includes removal of derrick, flare, lifeboat system and inspection. Prefabrication of time critical elements, mainly two pontoons that will increase the buoyancy of the hull, is also a part of the scope.

The platform is now moored quayside at Kvaerner, where it will be situated until derrick, flare and lifeboats are removed. Simultaneously, fabrication of the two new pontoons will commence. The dry dock phase is expected to last until end August 2017.

Njord A was delivered from then Aker Stord in 1997.

ENDS

For further information, please contact:

Investor Relations:
Ingrid Aarsnes, SVP Investor Relations & Communication, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364, email: ir@kvaerner.com

Media:
Odd Naustdal, Head of Communications, Kvaerner West Norway, Mob: +47 905 76 079, email: odd.naustdal@kvaerner.com

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 2015, the Kvaerner group had consolidated annual revenues of approximately NOK 12 billion and the company reported an order backlog at 30 June 2016 of NOK 10.2 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit www.kvaerner.com.