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05.03.2013

Kvaerner Eiliv Gjesdal, CFO

DnB’s Oil, Offshore & Shipping Conference, Oslo

Photo:

A/S Norske Shell

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Kvaerner executes amazing projects

2

Specialised EPC company

Revenues of NOK 10.7 billion (2012)

Order backlog of more than NOK 21 billion

3 000 employees in 9 countries

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Key financials

3

29

1 4

88

1 0

73

47

3

0

200

400

600

800

1000

1200

200

9

2010

201

1

201

2

Revenues

NOK million

-1 9

06

-1 0

64

-1 2

35

-51

4

-2 000

-1 600

-1 200

-800

-400

2009

201

0

201

1

201

2

EBITDA

NOK million

Net current operating assets

NOK million

12

19

1

13

20

9

13

29

5

10

74

8

2 000

4 000

6 000

8 000

10 000

12 000

14 000

200

9

201

0

201

1

201

2

2.4% 3.7% 8.1% 4.4% EBITDA

margin

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Segment overview

2 176

1 891

2 317

1 992

2 717

287 196 119 100 136

0

1 000

2 000

3 000

Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

4

Revenues, EBITDA and EBITDA margin

NOK million

Revenues EBITDA

Upstream

North Sea activity level increasing

Early cycle projects with limited contribution

Nordsee Ost project commercially

challenging

Downstream & Industrials

Somewhat lower activity level expected first

half of 2013

Limited results expected until Longview

arbitration is concluded

EBITDA-% 13.2% 10.4% 5.1% 5.0% 5.0%

Revenues, EBITDA and EBITDA margin

NOK million

850

496

689

442

261

-15

3 6 46 7

-100

400

900

Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

(1.8)% 0.5% 0.9% 10.4% 2.7%

¹ Figures include net positive effect of NOK 42 million

from divestment of EPC Center Houston operations.

Historical figures include EPC Center Houston.

¹

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Cash positive, working capital will fluctuate

5

Predictable dividend policy “Kværner ASA's dividend policy is based on visibility and predictability. The ambition is to pay

semi-annual dividends with increases, in order to give a stable and predictable dividend growth,

balancing out the underlying volatility of earnings.”

Loan facilities of NOK 3 billion A NOK 500 million term loan - 3 year - margin of 1.5%-2.5% above NIBOR

A NOK 2.5 billion credit facility - 5 year - margin of 2.1-2.5%

-2 000

-1 500

-1 000

-500

0

500

1 000

Q2'10 Q3'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

Net current operating assets (NCOA)

NOK million

Downstream

& Industrials

Upstream

Group

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International E&C Americas Concrete Solutions Jackets North Sea

The current EPC project portfolio

6

2011 2012 2013 2014 2015 Value at award

Mongstad TCM NOK 525M

Eldfisk topside NOK 5.5B

Nyhamna onshore NOK 11B

Edvard Grieg

topside NOK 8B

Nordsee Ost wind

jackets EUR 115M

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

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On-going topside and jackets projects

7 7

Client ConocoPhillips Project EPC contract to deliver topside and bridges the Eldfisk 2/7 S platform Ordered 18 March 2011 Contract value NOK 5.5 billion Delivery Early 2014

ELDFISK TOPSIDE

Client Lundin Norway AS Norway Project EPC of the topside for the Edvard Grieg platform Ordered 3 May 2012 Contract value NOK 8 billion Delivery April 2015

EDVARD GRIEG TOPSIDE

Client BP United Kingdom Project Clair Ridge Ordered 12 July 2010 Delivery Spring 2013 DP Jacket QU Jacket Height Height 168 m 167 m

CLAIR RIDGE JACKETS

Client Lundin Norway AS Norway Project Edvard Grieg Ordered 19 January 2012 Delivery April 2014 Height 134 m

EDVARD GRIEG JACKET

Client Total E&P Norway Project Martin Linge Ordered 13 February 2012 Delivery Spring 2014 Height 140.5 m

MARTIN LINGE JACKET

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Major onshore project at Nyhamna

8

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Concrete gravity base structures

A proven Arctic solution

9

Sakhalin-II project

Robustness to meet Arctic environment

Year-round access to drill / maintain wells

Significant local content

Minimum maintenance

Supports large topside weight

Low lifecycle cost

Installation independent of heavy lift vessel

availability

Integrated oil storage

Hebron project

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2012 order intake – foundation for growth

10

¹

Revenues and backlog

NOK million

Backlog per

year-end 2012 Backlog per

year-end 2011

Solid long term revenue visibility

The major 2012 project wins:

Nyhamna onshore project

Edvard Grieg topside, jacket and offshore

completion

Martin Linge jacket

Hook-up and commissioning of

Eldfisk 2/7S

Construction of Garrison Energy Center

Incorporated joint ventures will not be

included in the backlog

2013 order intake:

Increase in the Nyhamna onshore

contract of NOK 5 billion

Note: The Hebron project will be accounted for as an incorporated JV.

Revenues Orders booked

in 2013

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Future market opportunities

11

Facsimiles from Capital Markets Day 10 January 2013.

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Browse Dry Tree Units – a platform for growth

13

Rigorous risk evaluation Technical

– Comprehensive FEED performed – Simple process train

Partnering – Strong relationship

Execution – Proven track record of Tension Leg

Platform (TLP) delivery

Well managed risk profile

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Summary

14

Strong order backlog More than NOK 11 billion secured for 2013

Focus on project execution and

improving competitiveness

Predictable deliveries Quality on time with predictable price tag

Predictable dividend policy Proposed semi-annual dividend of

NOK 0.55 per share

HSSE – core value and

licence to operate

Maintain and develop home

markets

International expansion

Hands-on management

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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.

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.

Copyright and disclaimer

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