Kvaerner has during the first half of 2014 delivered several key oil and gas projects on schedule, won new key contracts and continued to implement cost reduction measures. The company's Board of Directors is pleased with how Kvaerner has built a strong position as a competitive contractor recognized for its high quality delivery of demanding oil and gas projects. The Board concludes that the time now is right to explore opportunities to accelerate the development of Kvaerner.

Since the establishment of today's Kvaerner organisation in 2011, the company has successfully delivered a wide range of projects. In an industry where delays are costly, Kvaerner is recognized for predictable deliveries, facing global competition in the oil and gas supplier industry.

"While we succeeded in building a record high order backlog up to 2013, we also received valuable feedback from the oil companies after the bidding rounds in the winter a year and a half ago. This spurred us to accelerate a range of activities to increase productivity and reduce our own cost level. The award in June for two steel jacket substructures to the Johan Sverdrup field confirmed that we are moving in the right direction, and the combination of established expertise and reliability, together with renewed cost competitiveness, once more positions us well for the future. Now, we will use this momentum to consider step changes to further strengthen our business and competitiveness", says Jan Arve Haugan, President & CEO of Kvaerner.

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