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

Oil export capacity:87 000 barrels/day

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

* Engineering, procurement and construction

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

gjøa3

Who we are

Common valuesKvaerner: EPC specialist

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

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 3 200 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 1960s

HSE mindsetWe take personal responsibility for

HSE because we care

Our mission:Successfully planning and

executing demanding EPC

projects, through:

Hands-on managementWe know our

business and get things done

Customer driveBuilding customer

trust is key to our business

Open and direct dialogue

We encourage early and honest communication

People and teamsAll our major

achievements are teams efforts

Delivering resultsWe deliver

consistently and strive to beat

our goals

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Foundation for growth Focus on HSE performance

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.

1980s1970s 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.

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

Ò Operating revenues of more than NOK 13 billion (2011)

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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6

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. By using local partnerships and local value creation, we increase our capacity and 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

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Offshore topside facilities Floating oil & gas facilities

Concrete GBS for offshore platforms

Steel jackets for offshore platforms

Onshore facilities to oil and gas, power, steel and industrial markets.

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

Two platform substructures developed with a total high-performance concrete weight of 15 000 tonnes

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Designed and constructed to withstand

seismic activity

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Ò Our scope: Engineering, procurement, management and project services for a platform substructure

Ò Customer: Exxon Neftgas Ltd

Ò Execution: 44 months from FEED to offshore installation of a concrete GBS

Ò Site build-up in remote location: Dry-dock from Sakhalin II project was reinstated. Bund wall was rebuilt and dock emptied. A completely new infrastructure was built with permanent workshops for rebar, formwork and mechanical outfitting prefabrication.

Ò Strong local content performance: More than 90% of material and workforce from Russia. More than 35 local subcontractors with up to 4 000 employees were used to perform the work. About 30% of the workforce had experience from the previous, Sakhalin II project.

SAKHALIN-I: ARKUTUN-DAGI GBS

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

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

Ò Customer: Sakhalin Energy

Ò Execution: 30 months from FEED to offshore installation of two concrete GBSs

Ò Site build-up in remote location: Excavation and transportation of more than 2 000 000m3 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

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Delivering quality on time 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.

We take pride in delivering quality on time to our customers.

11Eldfisk 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 jackets for Drilling Production platform and Quarters Utility platform.

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 Ormen Lange/Nyhamna: EPCM for modifications and projects at the onshore facilities.

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

Edvard Grieg: EPC for jacket and topside

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

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Ò Our scope: Engineering, procurement, construction, load-out and sea-fastening of two steel jackets (Accomodation jacket, bridge support jacket and associated piles)

Ò Customer: ConocoPhillips

Ò Number 36 and 37 in the series of jackets delivered by our yard in Verdal, Norway.

ekoFisk 2/4l

Water depth: 80 meters

Jacket weight: Approximately 5 700 tonnes

Jacket height: 110 meters

Topside weight for jacket design: 19 000 tonnes

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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.

KRISTIN HPHT GAS PLATFORM

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

The first floating platform to be supplied with electric power from shore. Delivered by Kvaerner.

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

GJØA SEMI-SUBMERSIBLE ADRIATIC LNG TERMINAL14

Steel jackets for offshore platforms37 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, energy and industrial construction market.

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

GRANE PLATFORM JACKET SNØHVIT LNG PRODUCTION PLANT 15 POWER PLANTS SINCE 200215

Ò OuR SCOPE: Engineering, procurement and construction (EPC) of the steel jacket and the topside module.

Ò CONTRaCT VaLuE: Topside NOK 8 billion Steel jacket NOK 1.1 billion

Ò THE TOPSidE has a total weight of 21 000 tonnes and consists of a main topside model, a combined living quarter and utility module, a process module and a flare tower. Delivery set to April 2015. Most of the scope will be performed in Norway.

Ò THE STEEL jaCKET with a total weight of 14 500 tonnes, will be delivered from Kvaerner’s specialized jacket yard in Verdal in the spring of 2014.

Ò CuSTOMER: Lundin Norway AS

edvard grieg

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

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19Our competence covers all key disciplines

Kvaerner offers more than 3 200 HSE-focused and experienced in-house resources in the fields of engineering, procurement and project management, 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,

subcontractors 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.

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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

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

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

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

www.kvaerner.comwww.facebook.com/kvaernerasa Photos: Statoil, Sakhalin Energy, BP, ConocoPhillips, Adriatic LNG Terminal, Gulf LNG, Aker Solutions, Rolf Estensen (v-082012)