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We create value by successfully planning and executing demanding EPC* projects

In Q4 2010, the Gjøa semisubmersible platform reached production start-up on schedule in the North Sea. Kvaerner provided the topside and assembly.

Gas export capacity:17M Sm3/day

Topside weight:

22 000 tonnes

Width:110m

Height:143m

* Engineering, procurement and construction

Oil export capacity:87 000 barrels/day

Ò Our scope: EPCH (Detail design of topside and hull, procurement, construction and hook-up of topside, and mating of topside and hull)

Ò Contract value: Approximately NOK 8 bn (2006)

Ò Peak manning: 3 000 people at our in-house yard at Stord, Norway

Ò Electricity to Gjøa is provided from land, for the first time on the Norwegian Continental Shelf, saving annual CO2 emissions equivalent to those produced by 100 000 cars

Ò Tie-in of remote field (Vega)

Ò Field development operator: Statoil

Ò Field operations operator: Gaz de France

gjøa

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Who we are

Foundation for growth Focus on HSE performanceCommon valuesKvaerner: EPC specialists

Kvaerner is a specialised engineering, procurement and construction (EPC) company focused on executing some of the world’s most demanding projects as the preferred partner for upstream and downstream oil and gas operators, industrial companies and other engineering and fabrication providers.

A unique heritageThe Kvaerner and Aker groups have decades of experience as EPC contractors for onshore and offshore facilities covering a wide range of technologies and solutions. The new Kvaerner further leverages the experience and expertise built up through the execution of demanding projects over the past 40 years.

Tailored to meet client demandsKvaerner is tailored to meet the EPC market trends and client demands. We offer a safety focused and dedicated management and we have the mandate to enter into

In Kvaerner, concern for health, safety and the environment is a core value. This HSE Mindset, symbolised by Just Care™, is founded on the belief that all incidents can be prevented. We work systematically to ensure continual improvement of our HSE culture and performance.

Ò We strive continuously for zero harm to personnel, material and non-material assets.

Ò We focus on employee health and on continuously improving the work environment.

Ò We require every employee to take personal responsibility for HSE by focusing on their own behaviour.

Our history: Building strength through experience

partnerships in order to establish reliable, flexible and competitive delivery models.

Building trust through common values In any organisation, values are essential for building trust – in each other, with our partners, with our customers and with society. All the Kvaerner businesses share a common set of values – the compass that guides our policies, our operations and ultimately, our behaviour.

Long-term ownershipKvaerner is headquartered in Oslo, Norway, and has more than 3 000 employees worldwide, in addition to a significant number of contract staff. Aker ASA, an investment company that exercises active ownership, is indirectly a significant shareholder in Kvaerner.

Entered the offshore oil and gas industry. Shipyard modifications to cater for the coming offshore business.

Strong player in machinery, equipment, hydropower turbines, shipbuilding and other industries.

Kvaerner founded in Oslo, Norway.

Aker founded in Oslo, Norway.

1841 1853 EARLY 1900s 1980s1970s1960s 1990s 2000s 2010

Yards in Stord and Verdal founded. Developed and delivered pioneering concepts like the Aker H-3 drilling rigs and the Condeep platforms.

Key partner in North Sea field developments such as Gullfaks, Oseberg, Ekofisk.

Key partner in world-class projects in the North Sea and international markets.

Merger of Aker and Kvaerner. Key partner in some of the world’s most demanding field developments. Leading field development provider in Norway, both offshore and onshore. Global leader in deepwater developments and concrete GBS. Europe’s leading provider of big steel jackets. Strong position in North America within downstream oil & gas, energy & environmental and industrial construction.

2011: Kvaerner established as a specialised EPC company in a demerger from Aker Solutions. Listing on the Oslo Stock Exchange. Clear growth ambition.

Just Care™

Ò Kvaerner is a leading EPC company with a solid track record

Ò Operating revenues of more than NOK 13 billion (2010)

Ò Long-term active ownership by Aker ASA

Ò Well positioned for long-term growth trends in key markets

Ò Ambition to maintain strong North Sea position and further grow international EPC deliveries

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Engineering

Our multi-discipline organisation covers all of the technical and administrative functions needed to execute demanding engineering tasks for upstream and downstream oil and gas operators, industrial companies and other engineering and fabrication providers. We tailor the delivery model to match our customers’ needs and business priorities.

Procurement

Kvaerner provides best value to our clients by proactively utilising global networks, market opportunities, market knowledge and global sourcing. Our supply management and procurement organisations support the businesses through a systematic proactive process of optimising the total costs, risk, quality, lead-time and HSE of all outsourced products and services.

Construction

We combine the expertise built up over 40 years at our specialised in-house yards in Norway with cost effective fabrication from our high quality partner yards. Using local partnerships and local value creation, we can contribute to significantly increasing the local content of a project. All our projects are overseen by Kvaerner project and construction management expertise.

We are an experienced main contractor for onshore and offshore facilities covering a wide range of technologies and solutions. We understand that good customer references build our reputation – and the only way to achieve this is through consistent and predictable performance. Our proprietary project execution model is based on best practice from many of the industry’s most challenging projects. This ensures safe and efficient project execution and risk management.

We plan &execute

demanding

EPCprojects

Proven EPC project management

Offshore topside facilities Floating oil & gas facilities

Concrete GBS for offshore platforms

Steel jackets for offshore platforms

Onshore oil and gas and petrochemical facilities

Construction and maintenance services

Topsides FloaTers ConCreTe jaCkeTs onshore ConsTrUCTion

In 2007, the LUN-A and PA-B concrete gravity base structures delivered by Kvaerner were successfully installed offshore Russia on the far east coast as part of the Sakhalin-II project.

Designed and constructed for

arctic environments with heavy ice loads

Designed and constructed to withstand

seismic activity

Two platform substructures developed with a total high-performance concrete weight of 61 700 tonnes

8 9

Ò Our scope: Engineering, procurement, management and project services for two platform substructures

Ò Customer: Sakhalin Energy

Ò Integrated project team over nine time zones

Ò Fast track execution: 30 months from FEED to offshore installation of two concrete GBSs

Ò HSE training carried out for 11 500 people

Ò Site build-up in remote location: Excavation and transportation of more than 2 000 000 m3 of soil. Road construction in winter conditions

Ò Strong local content performance: More than 90 % Russian labour and materials utilised, with more than 600 Russian vendors who acquired unique experience in marine oil and gas construction

SAKHALIN-II: LUNSKOYE GBS & PILTUN-ASTOKHSKOYE-B GBS

Our customers have selected Kvaerner to play a key role in some of the world’s most demanding projects

10 11Delivering to our customers

Kvaerner is a leading provider of project management, design, engineering, procurement, construction, installation and commissioning for demanding projects worldwide.

Time and time again, our organisation has delivered the first, the largest, the deepest and the most cost-efficient installations addressing a wide range of challenges - always with an HSE focus.

Our ambition is to stay at the forefront of technology as one of the world’s leading EPC contractors, and to ensure that innovation and development work is achieved in harmony with both people and the environment - and to the best advantage of our customers.

Eldfisk 2/7 S: EPC for topside and bridges

Gudrun: EPC for platform jacket Ekofisk 2/4 L: EPC for platform and bridge support jackets

Clair Ridge: EPC for two steel jackets and associated piles

Nordsee Ost: EPC for 49 steel jackets and piles for offshore wind project

Gulf LNG: EPC for onshore LNG terminalHebron: FEED and site preparation for GBS, with EPC option

Sakhalin-1: EPC for Arkutun-Dagi GBS

V&M Star: Construction of pipe mill process building

Kashagan: Contracts for hook-up work Browse: Competition FEED for two TLPs Skarv: Preparation of FPSO

Kollsnes: EPC for modification and development of gas plant

European CO2 Technology centre at Mongstad in Norway: EPC for construction

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Water depth: 109 meters

Jacket weight: Approximately 7 500 tonnes

for jacket design: 19 000 tonnes

Topside weight

We are a knowledge-based company with unique experience and know-how, and the drive to get things done

Ò Our scope: EPC (engineering, procurement, construction, load-out and sea-fastening of the steel jacket and associated piles)

Ò Contract value: Approximately NOK 450 million (2010)

Ò Customer: Statoil

Ò Number 35 in the series of jackets delivered by our yard in Verdal, Norway

gUdrUn

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Setting the standard

Offshore topside facilities40 years of experience on all types of facilities that may be required on an offshore facility.

Floating oil & gas facilitiesMore than 30 floating oil and gas exploration and production facilities delivered by Kvaerner worldwide.

Concrete GBS for offshore oil & gas facilitiesWorld leader in marine concrete structures for oil and gas field developments, as the lead contractor in more than 20 major concrete projects worldwide.

Steel jackets for offshore platforms35 jackets for oil and gas field developments delivered since 1975, at a total of more than 250 000 tonnes.

Onshore oil, gas and petrochemical facilitiesA leading developer of onshore oil and gas facilities in Norway, with a strong position in North America within downstream oil and gas projects, including LNG, refineries and petrochemical facilities, as well as power plants, utilities and infrastructure.

Construction and maintenance servicesA premier provider to the U.S. and Canadian steel, power, chemical, petro-chemical and environmental industries for more than 30 years. Since 2002, we have provided general construction services to more than 15 different major power plants.

KRISTIN HPHT GAS PLATFORM

The first HPHT (high pressure, high temperature) gas floater. Delivered by Kvaerner on schedule in 2005.

One of the deepest producing platforms in the world, part of the ultra-deepwater Gulf of Mexico. Delivered by Kvaerner.

The world’s first offshore LNG regasifier, a strategic component of the Italian gas system. Delivered by Kvaerner.

17 500 tonne fixed steel substructure for drilling, production, processing and accommodation facilities. Delivered by Kvaerner.

The first plant of its kind in Europe and the world’s northernmost liquefied natural gas facility. Delivered by Kvaerner.

New plants, as well as retrofits, environmental modifications, maintenance and upgrades to existing facilities

BLIND FAITH SEMI-SUBMERSIBLE ADRIATIC LNG TERMINAL GRANE PLATFORM JACKET SNØHVIT LNG PRODUCTION PLANT 15 POWER PLANTS SINCE 2002

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We address the global market and tailor our delivery models to match customers’ needs and business priorities

Two 160 000 m3 full-containment LNG tanks and a vaporisation system

Once complete, the facility will process approximately

1.5 billion standard cubic feet of gas per day, providing the Gulf Coast region with clean burning natural gas

Ò OuR SCOPE: EPC in joint venture with IHI Inc, for onshore LNG import and regasification terminal in the United States Gulf Coast region

Ò CONTRaCT VaLuE: USD 680 million (2008)

Ò PEaK CONSTRuCTiON LaBOuR FORCE: Approximately 650 people

Ò CuSTOMER: Gulf LNG Energy, LLC.

gUlF lng

18 19Our competence covers all key disciplines

Kvaerner offers more than 3 000 HSE-focused and experienced in-house resources, of which approximately 600 in engineering, procurement and project management disciplines, in addition to a significant number of contract staff.

This is a solid foundation, and ensures that we in cooperation with engineering partners and sub-contractors are able to plan and execute our projects effectively, and control quality and risk.

However, our ambitions go even further. We aim for continued growth, and are actively recruiting additional in-house personnel and seeking new global partnerships.

Kvaerner strives to attract and develop talented people and teams who understand our customers’ needs and requirements and who can produce and deliver the best solutions.

In-house resources and contract staff:oNE TEAMdelivering

consistently for our customers

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Safe delivery on time, with agreed quality, on budget

World-class studies and designWe deliver technology, products, front-end, system definition and project execution through our strong in-house engineering staff and global engineering partners, including our long-term engineering partner Aker Solutions.

We offer full field development understanding – from concept selection to completion – covering all key products and technologies within field development.

Best value engineeringFor detail engineering, we secure cost-effective project execution for our customers through in-house resources and global engineering partners.

Local partnerships, local value creationUsing local partnerships and local value creation, Kvaerner can contribute to significantly increasing the local content of a project. This may include the labour workforce, suppliers and required materials. All of our EPC projects are overseen by Kvaerner project and construction management expertise.

Cost-effective, high quality fabrication capacityWorking with our in-house and partner yards, we offer cost-effective fabrication of hulls for floating facilities. For topside facilities, we offer cost-effective, flexible options tailored to our customers’ needs.

We combine the expertise built up over 40 years at our specialised yards with cost effective fabrication from our high quality partner yard; the China Offshore Oil Engineering Corporation (COOEC) yard in Qingdao.

Proven Project Execution ModelWe understand that good customer references build our reputation – and the only way to achieve this is by consistent and predictable performance. Our Project Execution Model (PEM) is based on best practice from many of the industry’s most challenging projects. PEM ensures efficient project execution and risk management.

We have experienced project managers and project services personnel to ensure that all projects, large or small, are executed in accordance with the PEM and project specific execution philosophies.

Ò Opportunity appraisal

Ò Feasibility studies

Ò Concept selection

Ò Concept definition

Ò System definition

Ò System design & layout development

Ò Global design

Ò Detailed design

Ò Work preparation

Ò Prefabrication

Ò Fabrication

Ò Transport & positioning

Ò Assembly

Ò Mechanical completion

Ò Commissioning

Ò Transport & installation

Ò Take-over

Ò Close-out

Feasibility & concept

Systemdefinition

Detailing &fabrication

Assembly & erection

Systemcompletion

Ourproven

ProjectExecutionModel

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We are ready to take on the world’s most demanding projects with you

Excellent performance and operator feedback

Developed to meet stringent environmental standards

and operate in harsh environments, extreme temperatures and at long distances from supply infrastructure

Designed and built to

drill 10 000 metre-long wells in water depths of up to 3 000 metres

Aker Barents and Aker Spitsbergen: Two highly sophisticated 6th generation semi-submersible drilling rigs for ultra deep water and harsh environments.

Ò OUR SCOPE: Turn-key contract for the delivery of two sixth-generation deepwater drilling semi-submersibles

Ò CONTRACT VALUE: NOK 7.6 billion (2005)

Ò PEAK CONSTRUCTION LABOUR FORCE: Approximately 4 000 people from 40 nations

Ò CUSTOMER: Aker Drilling

AKEr H-6e DrILLING rIGS

www.kvaerner.com Photos: Statoil, Sakhalin Energy, BP, ConocoPhillips, Adriatic LNG Terminal, Gulf LNG, Aker Solutions, Rolf Estensen