Nordic Energy Summit, Oslo Jan Arve Haugan, President & CEO

Nordic Energy Summit, Oslo Jan Arve Haugan, President & CEO

Kvaerner delivers amazing projects UPSTREAM DOWNSTREAM & INDUSTRIALS CONCRETE SOLUTIONS JACKETS CONTRACTORS NORWAY CONTRACTORS INTERNATIONAL ONSHORE AMERICAS Concrete substructures Large steel jackets for oil & gas installations Topsides Floaters Onshore upstream facilities Topsides Floaters Onshore upstream facilities Power plants Steel mills Specialised engineering, procurement and construction (EPC) company Stock listed in Norway July 2011 main shareholder Aker Kvaerner Holding Revenues of NOK 13 billion (2013) Order backlog of almost NOK 23 billion (31 December 2013) 2 800 employees in 8 countries 2

2010 2011 2012 2013 2010 2011 2012 2013 2010 2011 2012 2013 417 636 10 376 8 759 9 184 8 867 928 10 883 12 960 1 424 20 223 22 809 Key financials Revenues NOK million 14 000 EBITDA NOK million 1 600 Order backlog NOK million 24 000 12 000 1 400 20 000 10 000 8 000 1 200 1 000 16 000 800 12 000 6 000 4 000 600 400 8 000 2 000 200 4 000 - EBITDA margin 10.1% 13.1% 4.7% 4.9% 3

Safety our licence to operate Open and transparent reporting Continued pro-active focus 4 17.06.2011 Kvaerner 2011

Industrialised project execution Project management Engineering Critical line Inquiry Bid Purchase order Prelim info Final info Close-out documentation Procurement (vendors) Drawings for fabrication Delivery of bulk Delivery of equipment EPC Contract completion Construction Hook-up and completion 5

On-going projects for the North Sea ELDFISK TOPSIDE EDVARD GRIEG TOPSIDE NYHAMNA ONSHORE EDVARD GRIEG JACKET MARTIN LINGE JACKET Client ConocoPhillips Project EPC contract to deliver topside and bridges the Eldfisk 2/7 S platform Awarded 18 March 2011 Contract value NOK 5.5 billion Delivery Spring 2014 Client Lundin Norway AS Norway Project EPC of the topside for the Edvard Grieg platform Awarded 3 May 2012 Contract value NOK 8 billion Delivery April 2015 Client A/S Norske Shell Project Nyhamna onshore framework agreement Awarded 19 April 2012 Contract value NOK 11 billion Duration 6 years plus 2+2 years options Client Lundin Norway AS Norway Project Edvard Grieg Awarded 19 January 2012 Delivery April 2014 Height 134 m Client Total E&P Norway Project Martin Linge Awarded 13 February 2012 Delivery Spring 2014 Height 140.5 m 6

Construction of the Hebron gravity based structure at the Bull Arm site, Newfoundland and Labrador 7

Strategy for future opportunities at the jacket yard in process Full speed on ongoing projects Current jacket projects completed spring 2014 Contribution to other Kvaerner projects New project opportunities Positioning for Sverdrup jackets Other prospects with award in 2014 Growth plan for Piping Technology Options being assessed Conclusion during 1H 2014 8

Opportunities for significant further improvements Key enablers: 1) Competence Ref. Konkraft 2) Predictability Time Quality 3) Industrialisation Execution model Cost base Concepts / technologies 9

The value of quality and timely delivery Delivery delay North Sea topsides since 1990 (Number of months) Cost of delays USD billion 22 27 30 2,50-0,25 2,25 16 1617-0,23 2,02 11 1415 11 11 4 4 6 8 88 2 33-6 -6 0 12 0 0 0 0 0 0 Average delay ~7 months Gross NPV @ 200mmboe One year delay @10% WACC NPV with one year delay Second year delay @10% WACC NPV with two years delay Source: Rystad Energy 10

Streamlined cost base both internally and through partners and suppliers Subcontractors in Poland 11

Competitive position Status: Strong order backlog won in international competition Targeting 15 % cost reductions 15 % Several bids lost to competitors winter 2012/2013 Pre-qualified as one of few international bidders for new developments Browse TLP (concept now changed) White Rose GBS (prospect) Market demands further improvements Current cost Improvement Future cost 12

Many prospects well fit for Kvaerner s capabilities Johan Sverdrup first phase (Illustration:www.detnor.com) West White Rose extension project Arctic driller Target markets Subsea on a stick 13

Summary Execute and deliver according to specifications Enhance competitive strengthtargeting 15% cost reduction Strong order backlog Predictable dividend policy HSSE core value and licence to operate Maintain and develop home markets International expansion Hands-on management 14

THANK YOU! 15

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