2013-03-12 08:09:55 -

12 March 2013 - ExxonMobil Canada Properties has released the option for
Kvaerner's joint venture company Kiewit-Kvaerner Contractors to provide the full
scope of engineering, procurement and construction (EPC) services for the Hebron
Project gravity based structure (GBS). The contract value for Kvaerner's share
of the full EPC contract is approximately USD 1.5 billion and includes work
conducted to date on the Hebron project.

The authorization to proceed with the full EPC contract follows the substantial
completion of the Front End Engineering and Design (FEED) and site preparation
contract awarded 9 November 2010 and the authorization of 25 April 2012 to
proceed with detailed engineering, procurement and construction (EPC) related
services throughout 2012.

The work will be performed in Newfoundland and Labrador, Canada, with
engineering in St. John's and construction at the   Bull Arm fabrication yard. The
completed GBS will be installed at the Hebron field on the Grand Banks in the
Atlantic Ocean located 350 kilometers offshore from St. John's, Newfoundland and
Labrador, Canada. First oil is anticipated by the end of 2017.

"We are very pleased that Kiewit-Kvaerner Contractors has been selected to
deliver the Hebron GBS. This is a strategically important project for us and we
believe it confirms our strong position within arctic technologies in general
and gravity based structures (GBS) in particular", says Bjørn Gundersen,
executive vice president in Kvaerner, responsible for concrete solutions.

Kvaerner has a long track record for offshore concrete structures, with a series
of concrete structures, both fixed and floating designed, constructed and
installed on the Norwegian Continental shelf between 1971 and 1993.  Recent
offshore concrete projects by Kvaerner are substructures for two platforms,
installed in 2005 east of Sakhalin in Russia for Sakhalin Energy, the Adriatic
LNG terminal installed in 2008 outside Venice in Italy, and the Arkutun-Dagi GBS
for the Sakhalin-1 project constructed in Nakhodka, Russia and delivered to
Exxon Neftegas Limited in June 2012.

Kvaerner and Peter Kiewit Infrastructure have a long history of working
together, including the White Rose Floating Production, Storage and Offloading
system (FPSO) project for Husky Energy.
GBS contract parties are ExxonMobil Canada Properties and Kiewit-Kvaerner
Contractors.

Picture illustrating Kvaerner's track record within concrete substructures can
be downloaded here:  www.kvaerner.com/pictures

ENDS

For further information, please contact:
Media:
Mariken Holter, SVP Communications, Kvaerner, Tel: +47 67 52 74 35, Mob:
+47 91 78 73 58

Investor relations:
Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob:
+47 95 03 83 64

About Kvaerner:
With more than 3 000 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 2012, the Kvaerner group had consolidated annual revenues of close to NOK 11
billion and the company had an order backlog at 31 December 2012 of more than
NOK 21 billion. 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.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.



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Source: Kværner ASA via Thomson Reuters ONE
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