9 July, 2020 - Kvaerner delivers strong results for the second quarter, and the
order intake establish a platform for growth in both the short and medium term.
The longer-term outlook presents further key prospects in Kvaerner's key market
segments, including growth opportunities in renewable business.

The market outlook again presents opportunities for gradual growth. During the
second quarter, Norwegian authorities implemented a temporary adjustment to the
tax regime as an incentive for oil companies to start projects. Kvaerner expects
that the result will be a number of prospects where Kvaerner is a relevant
contractor with a competitive offer. It is estimated that several such large
contracts based on the new incentive scheme will be awarded over the next three
years.

Within the markets for offshore wind power, CCS, hydrogen production facilities
and aquaculture, political authorities and large potential customers in Norway,
EU and other regions plan to significantly expand investments. Several of these
prospects will have a demand for contractors capable of executing large projects
and delivering large structures, and Kvaerner is in dialogue with several
potential customers.

"We see key contract opportunities within oil and gas both in Norway and
internationally. Our strategy is that these upcoming projects will continue to
support a stable activity level for many years to come. However, we see within
renewable businesses opportunities for a strong growth from today's levels. The
largest part of the resources we invest in positioning and bidding for new
contracts in 2020 are aimed at renewable projects. We will see that this is
increasingly reflected in our orderbook as we move forward, says Karl-Petter
Løken", President & CEO.

Order intake in the second quarter was NOK 3.3 billion, including both contracts
for new projects as well as orders for increased scope in ongoing projects. At
the same time last year, the order intake was NOK 0.7 billion. The solid order
intake brought the order backlog to about NOK 9 billion at 30. June this year,
which is the same level as one year ago.

Revenues in the second quarter were NOK 1.5 billion, with corresponding EBITDA
result for the Field Development segment of NOK 175 million, which brings the
EBITDA margin to 11.4 percent. For the same quarter last year, revenues were NOK
1.9 billion and EBITDA for the Field Development segment NOK 132 million, with
an EBITDA-margin of 6.9 percent. Accumulated revenues for the first half year
ended at NOK 3.7 billion, with EBITDA of NOK 43 million and EBITDA margin of 1.2
percent for Field Development.

For the full year, revenues are anticipated to total approximately NOK 7.5
billion. The corresponding underlying EBITDA margin, excluding expected covid-19
costs of about NOK 150 million for the full year, is expected to be about five
percent.

Kvaerner has a strong financial position with no interest-bearing debt as of 30
June 2020. Cash and bank deposits at the end of the quarter were more than NOK
1.7 billion, compared to NOK 2.7 billion at 30 June 2019. NCOA at the end of
second quarter was NOK 147 million, compared to negative NOK 681 million at the
second quarter 2019. NCOA has temporarily increased in the last quarter due to
cash inflow received from customers in July 2020, which was after cut off.

The half-year report and presentation in English can be downloaded at
www.kvaerner.com

ENDS

For further information, please contact:

Investor Relations:
Idar Eikrem, EVP & CFO, Kvaerner, +Mob: +47 950 28 363, email: ir@kvaerner.com

Media inquiries:

Torbjørn Andersen, Vice President, IR & Communications, Kvaerner, Tel: +47 928
85 542, email: torbjorn.andersen@kvaerner.com

About Kvaerner:

Kvaerner is a leading provider of engineering, procurement and construction
(EPC) services, and delivers offshore installations and onshore installations
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 2 800 HSSE-focused and experienced employees are recognised
for delivering some of the world's most amazing and demanding projects.

In 2018, Kvaerner's Field Development segment had consolidated annual revenues
of NOK 7.3 billion and the company reported an order backlog at 30 June 2019 of
NOK 9 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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