July 13, 2018 - 2:00 AM EDT
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Kværner ASA: Kvaerner awarded additional scope at Njord A

13 July 2018 - Equinor has awarded Kvaerner an additional scope at Njord A to enable the platform to receive oil from the Fenja field. The additional scope has an estimated value of approximately NOK 500 million.

At 17 March 2017, Kvaerner signed a contract with Equinor for the complete upgrading of the Njord A floating production platform. This contract includes the full upgrading of hull and topside, a scope which will enable the contract to produce oil and gas for decades ahead. In addition to production from the Njord field, the platform will also receive oil and gas from the adjacent Bauge and Hyme fields. Around last Christmas, it was decided that also the field Fenja (previously known as Pil og bue) will be connected to Njord A.

Fenja is an offshore field located in the Norwegian Sea, approximately 120 kilometres north of the city Kristiansund. The operator VNG Norge delivered a plan for development and operation before last Christmas, a suggested solution with two subsea templates and six wells which will be tied back to Njord A.

The effect is that the platform must also be equipped to receive and process the oil from Fenja, in addition to the existing ongoing scope.  This means additional work with fabrication and installation in several different areas on the platform. The new scope for Fenja will be completed during the spring of 2020, simultaneously with the other work at the platform.

ENDS

For further information, please contact:

Investor inquiries:
Idar Eikrem, EVP & CFO, Kvaerner, Mob: +47 950 28 363, email: [email protected]

Media inquiries:
Torbjørn Andersen, Head of Communications, Kvaerner, Mob: +47 928 85 542, email: [email protected]

About Kvaerner:
Kvaerner is a leading provider of engineering, procurement and construction (EPC) services, and delivers offshore installations and onshore around the world. Kværner ASA, through its subsidiaries and affiliates ("Kvaerner"), is an international contractor and preferred partner for oil and gas operators and other engineering and fabrication contractors. Kvaerner and its approximately 2 600 HSSE-focused and experienced employees are recognised for delivering some of the world's most amazing and demanding projects.

In 2017, Kvaerner's Field Development segment had consolidated annual revenues of NOK 7.6 billion and the company reported an order backlog at 30 June 2018 of NOK 11.2 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit www.kvaerner.com.

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This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kværner ASA via Globenewswire


Source: Thomson Reuters ONE (July 13, 2018 - 2:00 AM EDT)

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