Growth and strategic development3 January 2019

© Kvaerner 2018 03.01.2019

3 key messages

2

1) Strong foundation for development

2) Market environment with new opportunities

3) Clear growth strategy

Status

3

© Kvaerner 2018 03.01.20194

Concrete solutions

Topsides, floaters & onshore facilities

Some few examples from a unique track record

Jackets

© Kvaerner 2018 03.01.2019

Globally recognised for predictable deliveries:

All current projects on track™

5

Johan Sverdrup Riser Platform

hook-up and modification

Johan Sverdrup utility and living quarter topside

Njord A upgrade

Nord Stream 2 onshore facility

Johan Castberg FPSO

West White Rose

marine operationsDecommissioning projects

Valhall Flank West

normally unmanned WHP

© Kvaerner 2018 03.01.2019

8 207 8 077

11 118 11 204

0

3 000

6 000

9 000

12 000

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Order backlog

6Note: Order backlog include scope of

work in jointly controlled entities.

10 638

53%

Order backlog per 3Q’18

NOK million

17%

Estimated scheduling as of 30.09.2018:

For execution in 2019For execution in 2018

For execution in 2020+

30%

Project example

modification / HUC

Own value creation

Subcontractors

Procurement

Project example

new topside EPC

© Kvaerner 2018 03.01.2019

A rare expertise with great impact and value

Integration of complex elements to a complete

solution

7

EEngineering

PProcurement

CConstruction

Hook-up,

commissioning

&

installation

FEEDFront-end

engineering

and design

DECOM

© Kvaerner 2018 03.01.2019

PROJECT MANAGEMENT

FEASIBILITY & CONCEPT

ENGINEERING

PROCUREMENT

CONSTRUCTION, HOOK UPAND COMPLETION

INSTALLATION

Each month earlier first oil = typically ~ MNOK 250 – 500 increased value

8

Parallel EPC execution + Precision = Value

Market opportunities

&

Strategy for growth

9

© Kvaerner 2018 03.01.2019

Larger Kvaerner in 2022

▪ Leading offshore and onshore EPC contractor within oil and gas

▪ Established in growth segments

▪ Wider product offering

▪ Increased international activity

▪ Attractive yield

Kvaerner today

▪ EPC delivery, Norway

▪ Financially robust

▪ Revenues 7 billion

Strategic roadmap:

Safe and predictable execution

Reduced cost, increased productivity

Standardisation & digitalisation

Strategic long term partnerships

Improved delivery model

Low cost fabrication

Develop people and facilities

Build strength in growth segments

10

Clear growth objective

© Kvaerner 2018 03.01.2019

Number of Plans for Development and Operation for larger projects expected to decline:

Significant change in the market for newbuild platforms at NCS

~15

~5

2012–2018:

Larger newbuild contracts at NCS

2019–2023:

Expected larger newbuild contracts at NCS

~10

~5

= > NOK 3 bn contract = NOK 750 mill – NOK 3 bn contract

© Kvaerner 2018 03.01.2019

The 7 years behind us:

Market opportunities transformed to predictable deliveries 29 quarters in a row

12

2,12,22

2,6

2,2

3,1

3,4

3,94,1

4,7

4,2

3,8

5

4,6

4,2

3,83,6

3,3

2,8

2,52,7

2,4

2,1 2

1,71,81,91,8

1,7

0

2

4

6

8

10

12

14

16

0

0,5

1

1,5

2

2,5

3

3,5

4

4,5

5

5,5

Q3'11 Q2'12 Q1'13 Q4'13 Q3'14 Q2'15 Q1'16 Q4'16 Q3'17 Q2'18

Revenue Field Development

Adjusted EBITDA margin

NOK billion Margin %

~ NOK

30 bn

Annualadressable

market2012 - 2018

Source: Kvaerner

© Kvaerner 2018 03.01.2019

Exciting market opportunities for a contractor with competitive power

2019 – 2023: NCS, international and growth segment prospects Kvaerner can compete for

=

= > NOK 3 bn contract = NOK 750 mill – NOK 3 bn contract = < NOK 750 mill contract

Annualadressable

market2019 - 2023

~ NOK

30 – 50 bn

Offshore and onshore

oil and gas prospects,

Norway

Growth segment prospects

and

international oil and gas prospects

Offshore and onshore

oil and gas prospects,

Norway

Growth segment prospects

and

international oil and gas

prospects

Sm

alle

r p

rosp

ects

, in

cl. W

HP

/ S

oS

,

Deco

m.,

Ma

rin

e o

ps.,

etc

.

>16 prospects

Source: Kvaerner

>17 prospects

© Kvaerner 2018 03.01.2019

Market

14

Traditional segments Growth segments

TOPSIDESFLOATERS

CONCRETE JACKETSDECOMMISSIONING& RE-USE / RECYCLING

UPGRADING & MODIFICATION

ONSHOREPROCESS PLANTS

MARINE OPERATIONS

OFFSHORE WIND

© Kvaerner 2018 03.01.201915

STEEL JACKET SUBSTRUCTURES

Steel jackets and tripods for offshore wind turbines

CONVERTER PLATFORMS

EPCI contractor for converter platforms

CONCRETE GBS FOUNDATIONS

Gravity based wind turbine foundations in concrete

FLOATING FOUNDATIONS

Steel or concrete floating substructures

MARINE OPERATIONS

In-house marine operations

EPCI expertise will benefit wind power market

© Kvaerner 2018 03.01.2019

A clear strategic direction for growth

16

Increased

market share at NCS

1 2Growth in selected

international markets

3Increased business in

growth segments

Fundamentals for success: a) HSSE: best in class

b) Increased productivity, reduced costs

c) Effective delivery models

d) Competence profile fit for upcoming market

© Kvaerner 2018 03.01.201917

Questions & Answers

© Kvaerner 2018 03.01.2019

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

18

© Kvaerner 2018 03.01.2019

Yard development positioning Kvaerner for the futureDevelopment progressing on time and budget

FPSO construction Module off and on-loading (BOKA Vanguard)

Modifications (Njord x2) FPSO + Modifications (Sevan 1000 + Njord)

20

HUC in

2019

Kværner har, inkludert kontrakter i arbeidsfellesskap, til sammen vunnet kontrakter til Johan Sverdrup Fase 1 og Fase 2 for rundt 15,5 milliarder kroner.

2014 og 2015: - Stålunderstell (jacket) for Stigerørsplattform og Boreplattform: Til sammen rundt NOK 3 mrd. Av det utgjør understellet til Stigerørsplattformen, som er Europas største plattformunderstell, nesten NOK 2 mrd. - Stålunderstell (jacket) for Prosessplattform 1: Rundt NOK 1 mrd- Plattformdekk for Kontrollsenter, støttesystemer og boligkvarter: NOK 6,7 mrd i Kværner-ledet arbeidsfellesskap med KBR

2017:- Kontrakt for oppkopling og støtte til operasjonsstart for Stigerørsplattformen: NOK 450 mill i arbeidsfellesskap med Aker Solutions

2018:- Kontrakt for levering av ny stor modul til Johan Sverdrup Fase 2 (modulen skal installeres på Stigerørsplattformen sammen med modifikasjonstjenster): NOK 3,4 mrd i arbeidsfellesskap med Aker Solutions- Kontrakt for oppkopling og støtte til operasjonsstart for Plattformen for Kontrollsenter, støttesystemer og boligkvarter. Gjennomføres i arbeidsfellesskap med Aker Solutions. Kværners andel: NOK 100 mill- Kontrakt for levering av stålunderstell (jacket) til Prosessplattform 2 til Johan Sverdrup Fase 2: NOK 900 mill

ULQUtility, Control &

Living Quarter

platform

P1Production

platform

DPDrilling

platform

RPRiser

platform

P2Production

platform