Kværner ASA: Share Purchase Programmes
16 May 2013 - Kværner ASA is offering individuals who are employed by its subsidiaries ("Kvaerner") in Norway the opportunity to buy Kværner ASA shares (the "Shares") through the 2013 Share Purchase Programmes for employees and managers.
The Employee Share Purchase Programme allows eligible Kvaerner employees (the "Employees") to buy Shares at certain set purchase amounts; the minimum is for Shares with a trading value of NOK 10 000 and the maximum is for Shares with a trading value of NOK 60 000 (Discount and Price Reduction will be applied to these amounts). The share price will be based on the average volume weighted share price on Oslo Børs (the stock exchange in Oslo) over the last five trading days preceding the date of delivery of the Shares.
The Employees will be offered a standard discount of NOK 1 500 (the "Discount") for participation in the Employee Share Purchase Programme. The Discount is offered to motivate employees to purchase Shares at a favourable price and to encourage long-term ownership. The Employees will also have an additional price reduction of 25 percent of the trading value of the Shares (the "Price Reduction"). Kværner ASA will bear the cost of the Discount and the Price Reduction. Shares purchased under the Employee Share Purchase Programme are financed by a loan from Kvaerner to each participant, which will be settled by salary deductions over a period of 12 months.
The Shares purchased through the Employee Share Purchase Programme are subject to a three year lock-up period from the date of delivery. Shares may not be sold or otherwise disposed of, pledged or in any way transferred during the lock-up period.
In addition, Kvaerner is offering certain managers the opportunity to buy Shares through a separate 2013 Manager Share Purchase Programme. The Manager Share Purchase Programme allows eligible Managers to purchase Shares for a maximum amount of 25 percent of their base salary. The share price will be based on the average volume weighted share price on Oslo Børs over the last five trading days preceding the date of delivery of the Shares. Kvaerner offers a 25 percent price reduction of the trading value of the Shares purchased under the Manager Share Purchase Programme. The Shares purchased through the Manager Share Purchase Programme are subject to a three year lock-up period from the date of delivery. Shares may not be sold or otherwise disposed of, pledged or in any way transferred during the lock-up period.
The subscription period for both Share Purchase Programmes runs from 5 June 2012 until 21 June 2013 at 15:00 CET.
Information packages for both Share Purchase Programmes have been sent to the home addresses of employees eligible for the respective programmes. The information package is also available upon request from the company.
Kvaerner will be acquiring the shares for both Share Purchase Programmes on the open market.
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 3 000 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 more than NOK 21 billion on 31 December 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.