Presentation given in Oslo 09MAY2012 regarding Kvaerner's 1st quarter results.

1. First quarter results 2012
1 © Kvaerner 2012 08.05.2012

2. Our strategic pillars
HSE – CORE VALUE  Findings and improvements from Verdal accident
AND LICENCE TO
OPERATE  Key criteria for being awarded Nyhmna contract
MAINTAIN AND  Several important contract awards: Two jackets, an
DEVELOP HOME onshore EPCM contract and a topside
MARKETS  Continued high tendering activity
 Detailed engineering and EPC related services for
INTERNATIONAL Hebron GBS
EXPANSION
 Browse TLP tender submitted with partner COOEC
HANDS-ON  Ekofisk jacket and bridge support delivered
MANAGEMENT  Strategic and selective approach to prospects
2 © Kvaerner 2012 08.05.2012 © Kvaerner 2011

3. Recap from previous quarters
STRONG MARKET
HIGH TENDERING ACTIVITY
CHALLENGING PROJECTS
UNCERTAIN 2012
UNCERTAIN 2012
JACKET CAPACITY
3 © Kvaerner 2012 08.05.2012

4. Key financials
Revenues EBITDA Net current operating assets
NOK million NOK million NOK million
4 500 500
450
4 000 -200
400
-717
3 500
-400
-1 028
350
3 000
-1 264
-1 280
-600
-1 336
300
2 500
250 -800
464
3 947
3 722
2 000
200
-1 000
3 004
1 500
2 623
150
2 388
249
-1 200
1 000
192
100
169
159
500 -1 400
50
-1 600
Q1'11
Q3'11
Q2'11
Q4'11
Q1'12
Q1'11
Q4'11
Q1'11
Q2'11
Q3'11
Q4'11
Q1'12
Q2'11
Q3'11
Q1'12
4 © Kvaerner 2012 08.05.2012

5. Order intake and backlog
Order intake Order backlog
NOK million NOK million
8 000 18 000
7 000 16 000
14 000
6 000
12 000
5 000 10 813
10 000
4 000
3 197 8 000
3 000
6 000
2 000
4 000
1 000 2 000
0 0
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
For execution in 2012
Upstream Downstream & Industrials
For execution in 2013
For execution in 2014
5 © Kvaerner 2012 08.05.2012

6. First quarter operations
6 © Kvaerner 2012 08.05.2012

7. Health, Safety and Environment
- keystone in our strive towards operational excellence
Lagging indicators:
HSE status: Lost time incident frequency (LTIF)
 7 incidents with 9 injuries Per million work hours and 12 months rolling averages
1
Verdal accident
0,5
Pro-active approach to improve
0
Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar
Total recorded incident frequency (TRIF)
Per million work hours and 12 months rolling averages
3,0
2,5
2,0
1,5
1,0
0,5
0,0
Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar
7 © Kvaerner 2012 08.05.2012

8. Operations and market
DOWNSTREAM &
UPSTREAM
INDUSTRIALS
CONCRETE JACKETS NORTH SEA INTERNATIONAL E&C AMERICAS
Sakhalin-1 project: Ekofisk jackets Eldfisk topside Kashagan Hook-up V&M MEP project
nearing completion delivered fabrication started close down until progressing per
New milestone, Nordsee Ost: 15 summer 2012 acceleration plan
Investment in
Hebron GBS jackets completed Browse tender FEEDs and studies
facilities at Stord
Clair Ridge nearing submitted on going
halfway mark Official inaguration of
carbon capture test
Martin Linge and center (TCM)
Edvard Grieg projects
in engineering
STRONG MARKET IN ALL BUSINESS AREAS.
STRATEGIC AND SELECTIVE APPROACH REQUIRED
8 8 © Kvaerner 2012 08.05.2012

9. New contracts in April and May
Ormen Lange delivered with Kvaerner as EPC contract for Lundin’s Edvard Grieg topside of
main contractor in 2007. NOK 8 billion.
9 © Kvaerner 2012 08.05.2012

10. High number of EPC prospects
North Sea
Hejre
Edvard Grieg
Martin Linge
Mariner
Bressay
Aasta Hansteen
Dagny
Draupne
Victoria
Tommeliten
Snorre
Skrugard
Johan Sverdrup
Havis
Ormen Lange
Kollsnes
Snøhvit Phase II
Nyhamna
expansion
From the Q3 presentation in November 2011.
10 © Kvaerner 2012 08.05.2012

11. Future NCS topside demand of 37’ tonnes per year
Topside tonnes delivered historically and forecasted demand
Metric tonnes
60000
Kvaerner Other Future
Future peak NCS
50000 topside demand ~45’
tonnes per year
40000
Future NCS topside
demand ~37’
tonnes per year
30000 High share
concrete
developments
20000
10000
0
1980 1985 1990 1995 2000 2005 2010 2015 2020
11 © Kvaerner 2012 08.05.2012 Source: Rystad Energy team research and analysis, Kvaerner data

12. Topside capacity gap on the NCS
NCS Demand and current estimated Norwegian yard capacity
for greenfield topside construction
Annual thousand tonnes
35-40
Demand/
~30 capacity gap
~15
12 -15
Stord Others Total capacity Average
in Norway demand
2012-2020
12 © Kvaerner 2012 08.05.2012

13. Delivering of 20’ tonnes of integrated topsides
annually from 2014
Studies
Concept E P C
FEED Engineering Procurement Construction Commissioning
Project Management
In house
Subcontracting
13 © Kvaerner 2012 08.05.2012

14. Kvaerner’s market position
Solid track record in strong home market
Preparing for further growth
Facing tough global competition
14 © Kvaerner 2012 08.05.2012

15. First quarter financials
Eiliv Gjesdal, Chief Financial Officer

16. Income statement
Full year
Amounts in NOK million Q1 2012 Q1 2011 2011
Operating revenue 2 388 3 722 13 295
EBITDA 159 464 1 073
Depreciation and amortisation (15) (12) (54)
EBIT 144 452 1 019
Net financial items, including result from
(2) (1) (116)
associated companies and JVs
Profit before tax 142 451 903
Income tax expense (50) (130) (344)
Net profit 92 321 559
EBITDA margin 6.7% 12.5% 8.1%
16 © Kvaerner 2012 08.05.2012

17. Revenue distribution
Share of revenues 2010 Share of revenues 2011 Share of revenues last 12 months
Percent Percent Percent
Jackets
NOK 13.2 NOK 13.3 Jackets NOK 12.1
North
billion Sea billion billion
Important projects in 2010 Important projects in 2011 Important projects
Sakhalin-1 Sakhalin-1 Sakhalin-1
Gjøa delivered Gudrun jacket delivered Gudrun and Ekofisk jackets
Kollsnes onshore Clair Ridge jackets delivered
Mongstad Test Centre Nordsee Ost wind jackets Clair Ridge jackets
Kashagan HUC Skarv FPSO delivered Nordsee Ost wind jackets
Cameron LNG delivered Kollsnes onshore delivered Skarv FPSO delivered
Longview Eldfisk Kollsnes onshore delivered
Gulf LNG Kashagan HUC delivered Eldfisk
Longview delivered Kashagan HUC delivered
Gulf LNG delivered Longview delivered
Gulf LNG delivered
17 © Kvaerner 2012 08.05.2012

18. Increased visibility
Order intake Order backlog
NOK million NOK million
16 000 30 000
14 000
25 000
2015 &
12 000 later
20 000
10 000
2014
8 000 15 000
6 000 2013
2014 2014
10 000
2013
4 000 2013
3 197
5 000
2 000 2012 2012
2012
0 0
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 * Q4'11 Q1'12 Q1'12*
Upstream Downstream & Industrials
* Contracts announced from 1 April to 8 May 2012 * Including announced order intake in Q2,
but excluding revenues for Q2.
18 © Kvaerner 2012 08.05.2012

19. Q1 2012: Downstream & Industrials review
Financials Orders
 Low activity level for Houston EPC centre until  Growth in existing contracts
new EPC projects awarded  Various growth in steel industry services
 Union Construction around break even level
until Longview is concluded
Revenues, EBITDA and EBITDA margin Order backlog and order intake
NOK million NOK million
1000 850
673 2 000
549 496 1 558
1 404 1 376
500 345 1 500 1 287
1 130
3 3 1 000
0
-39 -15 716
500 537
298 381
-500 -300 104
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 0
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
EBITDA 0.4% (86.7)% (7.1)% (1.8)% 0.5%
margin
Revenues EBITDA Order backlog Order intake
19 © Kvaerner 2012 08.05.2012

20. Q1 2012: Upstream review
Financials Orders
 Activity level reflecting projects in an early  Edvard Grieg jacket of NOK 1.1 billion
phase  Martin Linge jacket of NOK 1.2 billion
 EBITDA positively affected by release of
contingencies
Revenues, EBITDA and EBITDA margin Order backlog and order intake
NOK million NOK million
4 000 3 600
3 058 15 000 14 273
3 000 11 738
2 052 2 176 10 482 9 683
1 891 8 834
2 000 10 000
6 955
1 000 477 554
253 287 196 5 000 2 817
0 1 068 789 573
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 0
EBITDA Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
15.6% 15.4% 12.3% 13.2% 10.4%
margin
Revenues EBITDA Order backlog Order intake
20 © Kvaerner 2012 08.05.2012

21. The current EPC project portfolio
Value
2011 2012 2013 2014
at award
Kashagan HUC USD 1.6B
Mongstad TCM NOK 525M
Sakhalin-1 USD 600M
Ekofisk jacket Undiscl.
Nordsee Ost EUR 115M
Clair Ridge NOK 1.7B
Eldfisk NOK 5.5B
V&M Star (MEP) Undiscl.
Edvard Grieg
NOK 1.1B
jacket
Martin Linge
NOK 1.2B
jacket
Nyhamna onshore NOK 6B
Edvard Grieg
NOK 8B
topside
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
21 © Kvaerner 2012 08.05.2012 North Sea International Jackets Concrete E&C Americas

22. Cash flow and working capital
Full year
Amounts in NOK million Q1 2012 Q1 2011 2011
Cash flow from operating activities (385) 831 1 069
Cash flow from investing activities (39) (42) (231)
Cash flow from financing activities 0 4 (1 105)
Translation adjustments 47 58 8
Net increase/(decrease) in cash and
(376) 851 (259)
bank deposits
Net current operating assets (NCOA)
NOK million
The EPC business is cash positive
1 000
Downstream &
through negative working capital:
500 Industrials Customer pre-payments¹ of NOK
0 248 million
-500 Downstream & Industrials: Capital
Kvaerner Group tied up in the Longview project
-1 000
-1 500 Upstream
-2 000
Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'11
¹ Invoicing in excess of cost and estimated earnings less amounts billed in advanced but not received (on a project by project basis).
22 © Kvaerner 2012 08.05.2012

23. Balance sheet
Full year
Amounts in NOK million Q1 2012 Q1 2011 2011
Assets
Total non-current assets 1 980 1 728 1 954
Prepaid company tax 184 93 169
Current operating assets 2 651 4 402 2 256
Other current assets 20 2 026 25
Total cash and bank 2 043 3 528 2 418
Total assets 6 878 11 778 6 823
Total equity 2 582 2 857 2 445
Non-current interest bearing liabilities 462 509 460
Other non-current liabilities 174 223 161
Current operating liabilities 3 368 5 740 3 491
Current tax liabilities 292 0 257
Other current liabilities (0) 2 449 8
Total liabilities 4 296 8 920 4 378
Total equity and liabilities 6 878 11 778 6 823
Equtiy ratio 38 % 24 % 36 %
Net cash 1 642 3 903 2 012
Access to liquidity totalling NOK 4.1 billion
23 © Kvaerner 2012 08.05.2012

24. Summary and closing remarks
24 © Kvaerner 2012 08.05.2012

25. Number of EPC prospects higher than in decades
North Sea Jackets International Concrete E&C Americas
Hejre Edvard Grieg Browse White Rose LNG-Liquefaction
Edvard Grieg Hejre Other international Hebron GBS EPC- Gas processing/syngas
Martin Linge Martin Linge prospects on a case phase Chemical/phosphates
Mariner Montrose/Arbroath by case basis Piltun South Heavy oil
Bressay Dagny Petchora LNG Refining
Aasta Hansteen Draupne Kammennomyskoye Steel
Dagny Mariner Yamal Pipe manufacturing
Draupne Bressay Dolginskoye industry
Victoria Johan Sverdrup Amuligak Gas fired power plants
Tommeliten Peregrino Plant maintenance and
Snorre Jackdaw services
Skrugard Nordsee Ost Power plant
Johan Sverdrup extension environmental compliance
Havis projects
Ormen Lange
Kollsnes
Snøhvit Phase II
Nyhamna
expansion
Existing and prioritised markets
Note: The list is not exhaustive or indicative of Kvaerner’s priorities.
25 © Kvaerner 2012 08.05.2012

26. Summary and closing remarks
Highlights
HSE – core value and licence
Substantial increase in order backlog to operate
Uncertain 2012 financial results Maintain and develop home
markets
Market opportunities requires
selective approach International expansion
Hands-on management
26 © Kvaerner 2012 08.05.2012

27. 27 © Kvaerner 2012 08.05.2012

28. Copyright and disclaimer
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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.
28 © Kvaerner 2012 08.05.2012