This document summarizes a presentation given by Jan Arve Haugan, President and CEO of Kvaerner, at the Pareto Oil & Offshore conference on September 12, 2012. The presentation discusses Kvaerner's projects including oil platforms and offshore installations, operations in various regions, future market outlook, and strategies to expand fabrication capacity and reduce project timelines to meet client expectations. It provides an overview of Kvaerner's track record of on-time delivery and safety performance.

1. Pareto Oil & Offshore conference
Jan Arve Haugan, President & CEO
Holmenkollen Park Hotel, 12 September 2012
Height:
Topside weight: 257.4
21 000 metres
tonnes
Width:
185.5
metres
Jacket weight:
14 500
tonnes
© Kvaerner 2012 12.09.2012

2. This is Kvaerner
DOWNSTREAM &
UPSTREAM
INDUSTRIALS
CONCRETE JACKETS NORTH SEA INTERNATIONAL E&C AMERICAS
Global leader in European leader in Leading EPC Spearhead for A leading EPC
gravity based steel jackets contractor to the international contractor for the
concrete structures North Sea market expansion American market
Concrete Large steel Topsides Topsides Power plants
substructures jackets for oil & Floaters Floaters Steel mills
gas installations Onshore upstream Onshore upstream
facilities facilities
3 200 employees in 9 countries
Revenues of NOK 13.3 billion in 2011
Order backlog of NOK 23 billion at 30 June 2012
2 © Kvaerner 2012 12.09.2012

3. HSE – licence to operate and an effective way to work
Strive for zero harm to people, the environment and property
Require every employee to take personal responsibility for HSE
All incidents can be prevented
4,0 LTIF TRIF
3,0 3.0
2,0
1,0
0.5
0,0
Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun
Lost time incident frequency (LTIF) and Total recorded incident frequency (TRIF)
Per million work hours and 12 months rolling averages
3 © Kvaerner 2012 12.09.2012

4. Strong market in all target regions
Atlantic Canada Arctic Russia
Operators increasing North Sea
Strong future market
Arctic activities
High number of in Kara Sea and
Long term prospects Sakhalin
opportunities
New contract awards Kara Sea exploration
expected next 6-12 drilling expected
months from 2014
Caspian
North America
Gas fired power Strong future market,
plant market uncertain timing
Healthy US steel Development of
market delivery model
Contract awards
somewhat delayed Asia Pacific
Browse FID
expected 1H 2013
Multiple
opportunities within
next 24 months
Delivery model
established
STRATEGIC AND SELECTIVE APPROACH REQUIRED
4 © Kvaerner 2012 12.09.2012

5. Prosperous market view upon establishing Kvaerner
last spring
Global offshore E&P spend for EPC by year
USD million
70 000
Market view, spring 2011
60 000
50 000
40 000
30 000
20 000
10 000
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Rystad Energy, Kvaerner analysis
5 © Kvaerner 2012 12.09.2012

6. Several discoveries the last year, particularly on NCS
Global offshore E&P spend for EPC by year
USD million
70 000
Market view August 2012
Market view, spring 2011
60 000
50 000
40 000
30 000
20 000
Kvaerner’s target regions
and North Sea represents
~45% of the global offshore
10 000 EPC market until 2020
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Rystad Energy, Kvaerner analysis
6 © Kvaerner 2012 12.09.2012

7. 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
High
onshore
10000 activity
0
1980 1985 1990 1995 2000 2005 2010 2015 2020
Source: Rystad Energy team research and analysis, Kvaerner data
7 © Kvaerner 2012 12.09.2012

8. Strong focus on execution time, quality and capacity
Industry drive to reduce time to first oil
Source: www.upstreamonline.com, www.offshore.no,Tekninsk Ukeblad
8 © Kvaerner 2012 12.09.2012

9. Focus on meeting client expectations
Project management
Engineering capacity
Global procurement
Optimising project execution
Investments in own facilities and
leveraging partnerships
9 © Kvaerner 2012 12.09.2012

10. Expanding our delivery model
Topsides, Stord:
 New crane
 20 000 tonnes of integrated topsides
annually
Jackets, Verdal:
 Dock filled and yard upgrades
 35-40 000 tonnes of steel jackets
annually
Global fabrication, China:
 Cooperation with COOEC
 Demonstration module successfully
completed
 Joint tendering
10 © Kvaerner 2012 12.09.2012

11. Track record
Topsides, floaters & onshore facilities
11 © Kvaerner 2012 12.09.2012

12. Track record
Jackets
12 © Kvaerner 2012 12.09.2012

13. Track record
Concrete solutions
13 © Kvaerner 2012 12.09.2012

14. On time delivery
Execution
Execution
Execution
14 © Kvaerner 2012 12.09.2012

15. Q&A
15 © Kvaerner 2012 12.09.2012

16. 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.
16 © Kvaerner 2012 12.09.2012