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DNB’s Oil, Offshore & Shipping ConferenceEiliv Gjesdal, CFOOslo, 8 March 2012

08.03.2012© Kvaerner 2012 © Kvaerner 2011

Kvaerner - Investment highlights

EXTENSIVE TRACK RECORD

Kvaerner is a “new” company with more than 40 years of experience from the world’s most demanding market

TAILORED TO MEET STRONG MARKET

With an unprecedented market growth ahead, Kvaerner is tailored to meet market trends as well as client demands

ALL SYSTEMS ARE IN PLACE

Delivery models, systems and experience in place to deliver sound profits and manage growth

FINANCIAL MUSCLE Access to opportunities and credibility towards customers

A SOLID POSITION FOR GROWTH

Five business areas with leading positions in their niches and technologies ready to capture growth

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Order intake and backlogOrder intakeNOK million

Order backlogNOK million

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

Q4'10 Q1'11 Q2'11 Q3'11 Q4'110

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

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

1 136

10 046

Upstream Downstream & Industrials For execution in 2012 For execution in 2013For execution in 2014

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Key financialsRevenuesNOK million

EBITDANOK million

13 1

43

12 1

91

13 2

09

13 2

95

3 000

6 000

9 000

12 000

15 000

2008

2009

2010

2 01

1

-852

291 48

8

1 07

3

-1 000

-750

-500

-250

250

500

750

1 000

1 250

2008

2009

2010

2011

Net current operating assetsNOK million

-107

3

-1 9

06

-1 0

64

-1 2

35

-2 000

-1 500

-1 000

-500

2008

2009

2010

2011

EBITDA (6.5)% 2.4% 3.7% 8.1% margin

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Revenue distribution

Important projects in 2009Sakhalin-1 Adriatic LNG deliveredValhall jacket deliveredH-6e rigs delivered GjøaKashagan HUCCameron LNG LongviewGulf LNG

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Share of revenues 2009Percent

Share of revenues 2010Percent

Share of revenues 2011Percent

Important projects in 2010Sakhalin-1Gudrun jacketGjøa delivered Kollsnes onshoreMongstad Test CentreKashagan HUCCameron LNG delivered LongviewGulf LNG

Important projects in 2011Sakhalin-1Gudrun jacket deliveredClair Ridge jacketsEkofisk jacketsNordsee Ost wind jacketsSkarv FPSO deliveredKollsnes onshore deliveredEldfiskKashagan HUC deliveredLongview deliveredGulf LNG delivered

NorthSea

NOK 12.1 billion North

Sea

NOK 13.2 billion

JacketsNOK 13.3 billion

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-2000

-1500

-1000

-500

0

500

1000

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

6

Cash flow and working capital

6

NOK million 2011 2010Net CF from operating activities 1 069 (645)Net CF from investing activities (231) (26)Net CF from financing activities (1 105) 349Translation adjustment 8 53

Net +/- in cash and bank deposits (259) (269)

Net current operating assets (NCOA)NOK million

Downstream & Industrials

Upstream

Kvaerner Group

The EPC business is cash positive through negative working capital:

Customer pre-payments¹ of NOK 516 millionDownstream & Industrials: Capital tied up in the Longview project

¹ Billings in excess of cost and estimated earnings less amounts billed in advanced but not received (on a project by project basis).

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CONCRETE

Concrete substructures

Global leader in gravity based concrete structures

JACKETS

Large steel jackets for oil & gas installationsWind jackets

European leader in steel jackets

NORTH SEA

TopsidesFloatersOnshore upstream facilities

Leading EPC contractor to the North Sea market

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Kvaerner – a dedicated EPC company

UPSTREAM DOWNSTREAM & INDUSTRIALS

E&C AMERICASINTERNATIONAL

TopsidesFloatersOnshore upstream facilities

Spearhead for international expansion

Onshore facilitiesPower plantsSteel mills

A leading EPC contractor for the American market

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E&C Americas

EPC Centre EPC & project management for the

oil & gas industry including offshore topsides, LNG & gas processing, chemical, petrochemical, refining, power, utilities and infrastructure Approximately 150 employees

Union Construction General contracting and

maintenance services for Power, Steel and Petrochemical Industries Approximately 250 employees

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Jackets operational excellence

36 jackets delivered since 1975Yard upgraded to deliver three jackets annually from 2014Important steps towards operational excellence made

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The Verdal yard, Norway

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Jackets capacity

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2011 2012E 2013E 2014E

Gudrun

Ekofisk jacket

Nordsee Ost

Clair Ridge

Luno jacket

Hild jacket

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Tonnes (est.) 16 000 40 000 36 000 31 000

7 40

0

3 00

0

2 00

0 7 40

0

4 00

0

7 00

0

7 90

0 15 0

00

16 0

00

18 8

00

13 9

00

15 8

00

19 4

00

6 00

0

10 3

00

7 70

0

18 0

00

14 0

00 19 7

00

15 6

00

5 00

0

8 50

0

37 5

00

14 0

00 20 0

00

7 30

0

1 00

0

12 0

00

6 50

0

4 00

0

16 0

00

0

10000

20000

30000

40000

50000

1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

Piles tonnageJacket tonnage

Jacket tonnage deliveredMetric tonnes

Current jacket portfolio

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North Sea

Illustration of Eldfisk 2/7S topsideOrmen Lange Gjøa

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North SeaReference projects – some examples

© Kvaerner 2011

•2010: Gjøa•2005: Kristin•2001: Snorre B•2000: Åsgard B•1997: Heidrun•1997: Njord•1992: Snorre A TLP

Floating facilities

Current projects include the EPC contract for the topside and bridges for Eldfisk 2/7S

Topsides* Drlling rigs Onshore FPSO

* For fixed platforms

•2003: Valhall drilling•2000: Grane•2000: Eldfisk•1999: Siri•1999: Oseberg Sør•1996: Sleipner West•1995: Troll gas•1989: Gullfaks C•1988: Oseberg A•1986: Gullfaks A

•2009: Aker Barents•2009: Aker Spitsbergen

•2011: Kollsnes upgrade•2011: Test Centre Mongstad•2007: Ormen Lange onshore terminal•2007: Snøhvit LNG•2005: Kårstø

•2011: Skarv•1999: Åsgard FPSO•1999: Jotun FPSO•1998: Laminaria•1997: Norne FPSO

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International

Target markets

COOEC yard, China

Demonstration moduleBrowse development

Kashagan project

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Concrete GBS for offshore platformsConcrete GBS for LNG facilitiesConcrete hulls for floating platforms

Concrete SolutionsImpressive track record

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Concrete Solutions

Nakhodka

Potential construction sites for future projects in NW Russia

Bull Arm

Hebron FEED and site preparations

Sakhalin 1 under construction

Algeciras

Adriatic LNG terminalMarkets

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The EPC project portfolio

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2010 2011 2012 2013 Valueat award

Kashagan HUC USD 1.6B

Kollsnes NOK 1.5B

Longview USD 654M

Gulf LNG USD 340M

Mongstad NOK 525M

Sakhalin-1 USD 600M

Ekofisk jacket Undiscl.

Nordsee Ost EUR 115M

Clair Ridge NOK 1.7B

V&M Star (Structural) Undiscl.

Skarv FPSO Undiscl.

Eldfisk NOK 5.5B

V&M Star (MEP) Undiscl.

Luno jacket NOK 1.1B

Hild jacket NOK 1.2B

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

North Sea International Jackets Concrete E&C Americas

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Number of EPC prospects higher than in decades

17 1 November 2011

HildLunoMarinerBressayLuvaDagnyDraupneVictoriaTommelitenSnorreSkrugardJohan SverdrupHavisOrmen LangeKollsnesSnøhvit Pahse IINyhavna extension

Existing and prioritised markets

North Sea Jackets International Concrete E&C AmericasBrowseOther international prospects on a case by case basis

LNG-LiquefactionGas processing/syngasChemical/phosphatesHeavy oilRefiningSteelPipe manufacturing industryGas fired power plantsPlant maintenance and servicesPower plant environmental compliance projects

White RoseHebron GBS EPC-phasePiltun SouthPetchora LNGKammennomyskoyeYamalDolginskoyeAmuligak

Note: The list is not exhaustive or indicative of Kvaerner’s priorities.

Montrose/ArbroathDagnyDraupneMarinerBressayPeregrino IIJackdawNordsee Ost extensionJohan Sverdrup

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Summary

Order backlog of NOK 10.0 billion

Unprecedented market outlook

High bidding activity materialising

Focus on operational excellence

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HSE – core value and licence to operate

Maintain and develop home markets

International expansion

Hands-on management

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Kvaerner – vision and mission

we executeamazing projects

we successfully realisedemanding fields

the world’s most

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Copyright and disclaimerCopyrightCopyright 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.

DisclaimerThis 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.

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