Fourth quarter results in 2012 saw: - Revenues of NOK 2,930 million, down from NOK 3,004 million in Q4 2011. - EBITDA of NOK 249 million, up from NOK 159 million in Q4 2011. - Order backlog remained strong at NOK 21,262 million, providing visibility for execution through 2015. - Operations progressed on major projects in the North Sea and internationally, while securing new awards and position for future work.

1. Fourth quarter results 2012
Photo:
A/S Norske Shell
© Kvaerner 2013 13.02.2013

2. Highlights
Nyhamna onshore contract
increased to NOK 11 billion
Calpine Garrison power plant won
Eldfisk 2/7S hook-up and
commissioning assistance awarded
Order backlog of NOK 21.3 billion
Semi-annual dividend proposal of
NOK 0.55 per share
All home market tenders concluded
with awards to competitors
The Eldfisk 2/7S topside being assembled at Stord, Norway.
2 © Kvaerner 2013 13.02.2013

3. Key financials
Revenues EBITDA Net current operating assets
NOK million NOK million NOK million
3 500 250
-432
3 000 -200
-514
200
-717
-840
2 500 -400
-1 235
150
2 000 -600
249
3 004
3 000
2 930
1 500 -800
100
2 430
2 388
42 ¹
1 000 159 -1 000
119
50
85
500 -1 200
67
0 -1 400
Q4'11
Q1'12
Q2'12
Q3'12
Q4'12
Q4'11
Q1'12
Q2'12
Q3'12
Q4'12
Q4'11
Q1'12
Q2'12
Q3'12
Q4'12
EBITDA 8.3% 6.7% 2.8% 2.8%² 4.1%
margin
¹ Gain on sale of EPC Center Houston to IHI Corp.
3 © Kvaerner 2013 13.02.2013 ² EBITDA margin excluding sales gain.

4. Solid order backlog
Order intake Order backlog
NOK million NOK million
16 000 25 000
14 000 21 262
20 000
12 000 ~20%
10 000
15 000
8 000 ~30%
10 000
6 000
4 000
5 000 ~50%
2 444
2 000
0 0
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
For execution in 2013
Upstream For execution in 2014
Downstream & Industrials For execution in 2015 and later
4 © Kvaerner 2013 13.02.2013

5. Fourth quarter operations
Roll-up of the Clair Ridge jacket at Verdal, Norway.
5 © Kvaerner 2013 13.02.2013

6. Health, safety, security and environment
Two lost time injuries and twelve other injuries resulting in 14 recordable
injuries in the quarter
Four serious near miss incidents
Lost time incident frequency (LTIF) and Total recorded incident frequency (TRIF)
Per million work hours and 12 months rolling averages
4,0 LTIF TRIF
Highlights
3.2 Enforced pro-
3,0
activeness
throughout the
2,0 organisation
Started roll-out of
new HSSE
1,0
Leadership course
0.6
Increased security
0,0 focus
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
6 © Kvaerner 2013 13.02.2013

7. Operations
DOWNSTREAM &
UPSTREAM
INDUSTRIALS
CONCRETE JACKETS NORTH SEA INTERNATIONAL E&C AMERICAS
Hebron GBS: steel Nordsee Ost: 31 Eldfisk assembly Positioning for the Start up activities
skirts installed jackets completed progressing Browse project for the Calpine
Garrison project
Several studies on- Fabrication started E. Grieg topside Pre-qualification
going on E. Grieg and M. prefabrication and study activities Steel maintenance
Linge started projects on plan
Nyhamna onshore
detailed
engineering
7 © Kvaerner 2013 13.02.2013

8. Major onshore project at Nyhamna
8 © Kvaerner 2013 13.02.2013

9. Fourth quarter financials
Eiliv Gjesdal, Chief Financial Officer

10. Income statement
Full year Full year
Amounts in NOK million Q4 2012 Q4 2011 2012 ¹ 2011
Total revenue and other income 2 930 3 004 10 748 13 295
EBITDA 119 249 473 1 073
Depreciation and amortisation (19) (18) (66) (54)
EBIT 101 230 407 1 019
Net financial income/(expense) (17) (106) (31) (109)
Profit from associated companies and JVs (6) (6) (7) (6)
Profit before tax 77 119 369 903
Income tax expense (21) (38) (131) (344)
Net profit 56 81 238 559
EBITDA margin 4.1 % 8.3 % 4.4 % 8.1 %
¹ Figures include net positive effect of NOK 42 million from divestment of EPC Center Houston operations.
Historical figures include EPC Center Houston.
10 © Kvaerner 2013 13.02.2013

11. Q4 2012: Downstream & Industrials review
Financials Orders
 Somewhat lower activity level expected first  Calpine Garrison power plant of
half of 2013 ~USD 100-120 million
 Limited results expected until Longview  Various smaller steel maintenance projects
arbitration is concluded
Revenues, EBITDA and EBITDA margin Order backlog and order intake
NOK million NOK million
900 850 1 500
1 287
689
1 130
1 039
496 1 000
442
716 702 981
400
261
500 381 358
46 234
7 148
3 6
-100 -15
0
Q4'11 Q1'12 Q2'12 Q3'12 ¹ Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
EBITDA-% (1.8)% 0.5% 0.9% 10.4% 2.7%
Revenues EBITDA Order backlog at the end of the quarter Order intake in the quarter
¹ Figures include net positive effect of NOK 42 million from divestment of EPC Center Houston operations.
Historical figures include EPC Center Houston.
11 © Kvaerner 2013 13.02.2013

12. Q4 2012: Upstream review
Financials Orders
 North Sea activity level increasing  Eldfisk 2/7S hook-up and commissioning
 Early cycle projects with limited contribution assistance contract of NOK 400 million
 Nordsee Ost project commercial challenging  Growth in existing projects
Revenues, EBITDA and EBITDA margin Order backlog and order intake
NOK million NOK million
3 000 2 717 25 000 22 318 21 433
2 317 20 226
2 176 20 000
1 891 1 992
2 000 14 959
15 000
8 758 9 683
10 000
1 000
287 5 000 2 817
196 119 100 136 1 097 1 511
446
0 0
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
EBITDA-% 13.2% 10.4% 5.1% 5.0% 5.0%
Revenues EBITDA Order backlog at the end of the quarter Order intake in the quarter
12 © Kvaerner 2013 13.02.2013

13. 2012 order intake – foundation for growth
Revenues and backlog Solid long term revenue visibility
NOK million
14 000 The major 2012 project wins:
 Nyhamna onshore project
12 000
 Edvard Grieg topside, jacket and offshore
completion
10 000
 Martin Linge jacket
 Hook-up and commissioning of
8 000
Eldfisk 2/7S
 Construction of Garrison Energy Center
6 000
¹
4 000 Incorporated joint ventures will not be
included in the backlog
2 000
2013 order intake: Increase in the Nyhamna
onshore contract of NOK 5 billion
2008 2009 2010 2011 2012 2013 2014 2015
and
later
Revenues Orders booked Backlog per Backlog per
in 2013 year-end 2012 year-end 2011
Note: The Hebron project will be accounted for as an incorporated JV.
13 © Kvaerner 2013 13.02.2013

14. Cash flow and working capital development
Full year Full year
Amounts in NOK million Q4 2012 Q4 2011 2012 2011
Cash flow from operating activities (293) 322 (748) 1 069
Cash flow from investing activities (23) (77) (91) (231)
Cash flow from financing activities (190) - (481) (1 105)
Translation adjustments (75) 55 (29) 8
Net increase/(decrease) in cash and bank
(580) 300 (1 349) (259)
deposits
The EPC business is cash Net current operating assets (NCOA)
positive through negative NOK million
working capital:
 Customer pre- 1 000
payments¹ of 500 Downstream
& Industrials
NOK 143 million
0
 Downstream &
Industrials: Capital -500
Group
tied up in the Longview -1 000
Upstream
project
 Upstream: Capital tied -1 500
up in the Nordsee Ost -2 000
project Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
¹ Invoicing in excess of cost and estimated earnings less amounts billed in advance but not received (on a project by project basis).
14 © Kvaerner 2013 13.02.2013

15. Balance sheet
Full year Full year
Amounts in NOK million 2012 Q3 2012 2011
Assets
Total non-current assets 2 231 2 150 1 954
Prepaid company tax 91 173 169
Current operating assets 2 660 2 498 2 256
Other current assets - 20 25
Total cash and bank 1 069 1 649 2 418
Total assets 6 052 6 491 6 823
Total equity 2 202 2 321 2 445
Non-current interest bearing liabilities 469 467 460
Other non-current liabilities 178 218 161
Current operating liabilities 3 175 3 338 3 491
Current tax liabilities 28 147 257
Other current liabilities (0) 0 8
Total liabilities 3 850 4 170 4 378
Total equity and liabilities 6 052 6 491 6 823
Equtiy ratio 36 % 36 % 36 %
Net cash 650 1 253 2 012
15 © Kvaerner 2013 13.02.2013

16. Summary and closing remarks
16 © Kvaerner 2013 13.02.2013

17. Future market opportunities
Facsimiles from Capital Markets Day 10 January 2013.
17 © Kvaerner 2013 13.02.2013

18. Summary
Strong order backlog HSSE – core value and
 More than NOK 11 billion secured for 2013 licence to operate
Focus on project execution and Maintain and develop home
improving competitiveness markets
Predictable deliveries International expansion
 Quality on time with predictable price tag
Hands-on management
Predictable dividend policy
 Proposed semi-annual dividend of
NOK 0.55 per share
18 © Kvaerner 2013 13.02.2013

20. APPENDIX
20 © Kvaerner 2013 13.02.2013

21. The current EPC project portfolio
2011 2012 2013 2014 2015 Value at award
Mongstad TCM NOK 525M
Eldfisk topside NOK 5.5B
Nyhamna onshore NOK 11B
Edvard Grieg
NOK 8B
topside
Nordsee Ost wind
EUR 115M
jackets
Clair Ridge jackets NOK 1.7B
Edvard Grieg jacket NOK 1.1B
Martin Linge jacket NOK 1.2B
Sakhalin-1 USD 600M
Kashagan HUC USD 1.6B
V&M Star (MEP) Undisclosed
Calpine Garrison USD 100-120M
North Sea Jackets Concrete Solutions International E&C Americas
21 © Kvaerner 2013 13.02.2013

22. Revenue distribution
Share of revenues 2010 Share of revenues 2011 Share of revenues 2012
Percent Percent Percent
NOK NOK NOK
13.2 13.3 10.7
billion billion billion
International E&C Americas Concrete Jackets North Sea
22 © Kvaerner 2013 13.02.2013

23. EPC prospects
North Sea Jackets International Concrete E&C Americas
Victoria Hod Browse White Rose Gas processing
Maria Auk Other international Piltun South Chemical
Tommeliten Tor prospects on a case Amuligak Refining
Snorre Tommeliten by case basis Kara Sea Steel
Utsira high Utsira high Pechora LNG Pipe manufacturing
Skrugard Greater Clair Kammennomyskoye industry
Johan Sverdrup Development Dolginskoe Gas fired power plants
Havis Snorre Natuna Plant maintenance and
Johan Sverdrup services
Power plants
environmental compliance
projects
Existing and prioritised markets
Note: The list is not exhaustive or indicative of Kvaerner’s priorities.
23 © Kvaerner 2013 13.02.2013

24. Copyright and disclaimer
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24 © Kvaerner 2013 13.02.2013