Kvaerner has been awarded by Allseas a contract to dismantle and recycle three
large topsides, three jackets and four bridges from the Valhall and Hod fields,
with a combined weight of 33 000 tonnes, as well as options for another 5 000
tonnes. The assignment will at peak provide work for around 100 persons.

The Aker BP operated Valhall and Hod fields have since production started in
1982 produced more than one billion barrels of oil equivalents. After the new
production and accommodation platform came in 2013, some of the oil
installations will be removed.

Kvaerner has already started the decommissioning of the old Valhall
accommodation platform, but has now been awarded additional removal work on the
field. Aker BP has given Allseas, with Kvaerner as subcontractor, the assignment
to remove and decommission the drilling platform and the production platform
from the Valhall field, in addition to the unmanned Hod platform that is
connected to Valhall. The project also includes three jackets and four bridges.

The structures will be removed from field by Allseas, and delivered to
Kvaerner's decommissioning facilities at Stord where they will be dismantled and
recycled.

The first structures are expected to arrive Stord in 2022. The drilling
platform, the process platform and one jacket from the Valhall field will be
delivered first, while Hod and the remaining structures are planned to arrive in
2025. The method work will begin later this year, while detail offshore mapping
and engineering work will commence in 2021.

At peak, the project is expected to provide work for around 100 persons in
Kvaerner.

Kvaerner's decommissioning facilities at Stord is specialised on receiving,
dismantling and recycling of oil and gas installations in a safe and an
environmentally sustainable way. Our ambition is to recycle around 98 percent of
the structures by weight.

"Decommissioning and recycling is a market in growth and a priority for
Kvaerner. Kvaerner has won several decommissioning projects. We have made
significant investments in facilities, methods and equipment to minimise high
risk manual labour. In this project we will also utilise a newly developed
automatic cutting machine for pipes and beams, which will reduce the need for
manual work significantly and thus reduce risk. Combined, these measures enable
us to handle these types of projects in a safe manner", says Magnus Kise, SVP
decommissioning projects in Kvaerner.

END

For more information, please contact:

Media,
Odd Naustdal, Head of Communication, Kvaerner, mobile: +47 905 76 079, e-mail:
odd.naustdal@kvaerner.com

Investors:
Torbjørn Andersen, VP IR Communication, Kvaerner, mobile: +47 928 85 542, e
-mail:
torbjorn.andersen@kvaerner.com (https://eur03.safelinks.protection.outlook.com/?
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About Kvaerner:
Kvaerner is a project execution specialist and a trusted advisor for our
customers. We provide engineering, procurement and construction (EPC) services
and deliver advanced offshore and onshore installations around the world.

We have offices in seven countries and approximately 2 800 employees. Health,
Safety, Security and Environment (HSSE) has the highest priority in our work,
and we aim to deliver technology and solutions in a safe and sustainable way.
Our passion, experience and expertise realise values for customers and
societies. Kværner ASA, through its subsidiaries and affiliates ("Kvaerner"), is
an international contractor and preferred partner for operators and contractors
within oil and gas, renewable energy and in the field of engineering and
fabrication.

In 2019, Kvaerner's Field Development segment had consolidated annual revenues
of NOK 9.4 billion and the company reported an order backlog at 31 March 2020 of
NOK 7.2 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo
Stock Exchange. For further information, please visit www.kvaerner.com
(http://www.kvaerner.com).

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