Kvaerner awarded Mongstad contract

26 October 2011 - Kvaerner has signed a Fabrication and Construction contract with Statoil for upgrading of the Delayed Coker Revamp unit at Statoil's facilities at Mongstad. The contract value is NOK 220 millions.

The Delayed Coker Revamp unit is the part of the Mongstad facilities that produces petroleum coke, which is often used as electrodes in electrochemical and electro metallurgical industry. The Delayed Coker Revamp unit is now to be upgraded. 

"The onshore market is important to Kvaerner. The contract affirms our position as a preferred supplier for onshore development and upgrading projects. It also brings work in a period that is somewhat slower than usual for our business at Stord", says Kvaerner Executive Vice President Lars Eide.

Kvaerner is already present at the Mongstad plant, in connection with the Technology Center Mongstad (TCM) project. This project draws near completion, but with the Delayed Coker Revamp project, Kvaerner will continue its presence at Mongstad.

"We interpret this as confidence in our ability to deliver, and a sign that the client is satisfied with our work at the TCM," says Eide.

The mobilization of personnel will begin immediately. At peak, around 200 workers are expected to be in operation, in connection with a two month long shut-down period next fall. The work will take place both at Stord and Mongstad. Prefabrication at Stord is expected to commence before Christmas. The duration of the project is through 2012.

Contract part is Kvaerner's subsidiary Kværner Stord AS.

ENDS

For further information, please contact:

Media:

Odd Naustdal, Communication Manager, Kvaerner, Tel: +47 53 41 81 03, Mob: +47 90 57 60 79

Investor relations:

Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364

With more than 3 500 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 2010, the Kvaerner group had aggregated annual revenues of more than NOK 13.3 billion and the company had an order backlog of NOK 13.3 billion on 30 June 2011. 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.