New contract for jacket to the Johan Sverdrup Process Platform. 8 October 2015 Sverre Myklebust, Executive Vice President, Jackets

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1 New contract for jacket to the Johan Sverdrup Process 8 October 2015 Sverre Myklebust, Executive Vice President, Jackets

2 Kvaerner involvement in Johan Sverdrup so far: 1 PLATFORM TOPSIDE: Scope: EPC delivery of ULQ topside Value: Approx. NOK 6.7 billion JV: Kvaerner 51% - KBR 49% Option: Hook-up and commissioning 3 STEEL JACKET SUBSTRUCTURES: Scope: EPC for Riser Jacket Value: Approx. NOK 2 billion Scope: EPC for Drilling jacket Scope: EPC for Process jacket Value: Approx. NOK 1 billion ULQ Utility & Living Quarter P1 Process DP Drilling RP Riser Illustration : Statoil 2

3 Example RP jacket: Large and advanced solutions 3

4 Substructure for Johan Sverdrup Process Engineering: Starts in Oslo from Oct 2015 Pre-fabrication: Starts in Verdal summer 2016 Assembly: Starts in Verdal spring 2017 Delivery: Summer 2018 Average staffing: Approx. 120 employees Peak: 180 employees in summer 2017 Expected supplier effects: Approx 500 people* 4 * = Based on ratio 1 position at main contractor / 3 positions with subcontractors, various suppliers and service providers, etc.

5 Johan Sverdrup - timeline RP Jacket Letter of Intent Start Proc. Establish RP Jacket org. Start Det. Eng. Call-off contract Start Fab. Verdal Start Prefab Dubai rows 3&2 rows 4&1 Start Install clusters Load-out Sailaway DP Jacket Letter of Intent Establish DP Jacket org. Call-off contract Start Det. Eng. Start Proc. Start Prefab. Start assembly Verdal rows 3&2 rows 1&4 Load-out Sailaway P1 Jacket Establish P1 Jacket org. Contract Award Start Det. Eng. Start Proc. Start Prefab. Start assembly Verdal rows 3&2 rows 1&4 Load-out Sailaway

6 Long term fundamental demand for jackets: Leading supplier of demanding substructures Kvaerner s state-of-the-art facility in Verdal New contract proves improved competitiveness appreciated by customers With attractive price, predictable schedule, quality combined with sound margins Kvaerner is in 2015 able to offer jackets at same nominal price as in 2005 Effects of industrialisation for jackets illustrate improvement potential for the industry 6

7 Thank you for your attention ULQ Utility & Living Quarter P1 Process DP Drilling RP Riser Illustration : Statoil 7

8

9 Copyright and disclaimer Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Kvaerner and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction. Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Kværner ASA and Kværner ASA s (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as expects, believes, estimates or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Kvaerner s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Kværner ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Kværner ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Kværner ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. 9

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