NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG OR JAPAN,
OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

21 August 2020 - Reference is made to the stock exchange announcement made by
Kværner ASA ("Kvaerner") on July 17, 2020 regarding, among other things, the
contemplated merger with Aker Soltuions ASA ("Aker Solutions") as further set
out in the merger plan dated July 17, 2020 (the "merger"). The merger
contemplates that Aker Solution will absorb all the assets, rights and
obligations of Kvaerner and that Kvaerner is dissolved. Completion of the merger
is conditional upon, inter alia, the approval by the general meetings in each of
Aker Solutions and Kvaerner.

Kvaerner hereby calls for an Extraordinary General Meeting to be held on
September 25, 2020 at 13:00 CET, where the approval of the merger is on the
agenda. The meeting will be held at Kvaerner offices at Snarøyveien 20, 1366
Lysaker, Norway. However, due to the COVID-19 situation, shareholders are
encouraged not attend physically, but instead vote electronically prior to the
meeting or issue a proxy to the Chairman.

All documents to be processed in the meeting will be made available on
www.kvaerner.com.

Notice of the meeting including link to cast your vote is available on
www.kvaerner.com. The deadline for prior voting is 12:00 CET on 24 September
2020.

Please find attached the following documents:

  · The notice of the Extraordinary General Meeting including attendance and
proxy forms
  · The proposed resolutions for the Extraordinary General Meeting
  · The merger plan and the report from the Board of Directors and the expert
statements

ENDS

For further information, please contact:

Investor contact:

Øyvind Halvorsen, VP Treasury, Kvaerner, +Mob: +47 976 97 620, email:
ir@kvaerner.com

Media:

Torbjørn Andersen, Head of Communications & IR, Kvaerner, Mob: +47 928 85 542,
email: torbjorn.andersen@kvaerner.com

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 costumers 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 30 June 2020 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
(http://www.kvaerner.com).

To subscribe or unsubscribe to our press releases, please see our web page:
https://www.kvaerner.com/investors/news-and-stock-exchange
-announcements/subscribe-to-releases/

IMPORTANT NOTICE

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of Aker Solutions or
Kvaerner. The distribution of this announcement and other information may be
restricted by law in certain jurisdictions. Copies of this announcement are not
being made and may not be distributed or sent into any jurisdiction in which
such distribution would be unlawful or would require registration or other
measures. Persons into whose possession this announcement or such other
information should come are required to inform themselves about and to observe
any such restrictions.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
Neither Aker Solutions or Kvaerner intend to register any part of their
securities in the United States or to conduct a public offering of securities in
the United States. Any sale, offer or delivery in United States of the
securities mentioned in this announcement will be made solely to U.S.
shareholders of Kvaerner who are (i) non-U.S. persons as defined in Regulation S
of the Securities Act, or (2) "accredited investors" as defined under Regulation
D of the Securities Act.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although Aker Solutions and Kvaerner believe that these assumptions
were reasonable when made, these assumptions are inherently subject to
significant known and unknown risks, uncertainties, contingencies and other
important factors which are difficult or impossible to predict and are beyond
its control.Actual events may differ significantly from any anticipated
development due to a number of factors, including without limitation, changes in
public sector investment levels, changes in the general economic, political and
market conditions in the markets in which Aker Solutions and Kvaerner operate,
Aker Solutions and Kvaerner's ability to attract, retain and motivate qualified
personnel, changes in Aker Solutions' and Kvaerner's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. Neither Aker Solutions nor
Kvaerner guarantees that the assumptions underlying the forward-looking
statements in this announcement are free from errors nor does it accept any
responsibility for the future accuracy of the opinions expressed in this
announcement or any obligation to update or revise the statements in this
announcement to reflect subsequent events. You should not place undue reliance
on the forward-looking statements in this document. The information, opinions
and forward-looking statements contained in this announcement speak only as at
its date, and are subject to change without notice. Neither Aker Solutions nor
Kvaerner undertakes any obligation to review, update, confirm, or to release
publicly any revisions to any forward-looking statements to reflect events that
occur or circumstances that arise in relation to the content of this
announcement.

Skandinaviska Enskilda Banken AB (publ) is acting exclusively for Aker Solutions
in connection with the merger and for no one else and will not be responsible to
anyone other than Aker Solutions for providing the protections afforded to its
clients or for providing advice in relation to the merger.

Arctic Securities AS is acting exclusively for Kvaerner in connection with the
merger and for no one else and will not be responsible to anyone other than
Kvaerner for providing the protections afforded to its clients or for providing
advice in relation to the merger.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of Aker Solutions or Kvaerner.

Neither Skandinaviska Enskilda Banken AB (publ), Carnegie AS, Arctic Securities
AS nor any of their respective affiliates accepts any liability arising from the
use of this announcement.

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