© Kvaerner 2013 16.08.2013

Emergency exits

2

If the alarm goes off, please leave the auditorium as guided by this map and go to the muster area. No drills planned for today.

© Kvaerner 2013 16.08.2013

Second quarter results 2013

3

Photo: Trønder-Avisa, Marius Langfjord

© Kvaerner 2013 16.08.2013

Highlights

4

Continued focus on competitiveness and delivery models

High activity

Delivered Clair Ridge jackets

Order backlog of NOK 29.6 billion*

Proposed semi-annual dividend of NOK 0.58 per share

* Including incorporated joint ventures.

High activity on the Hebron project.

© Kvaerner 2013 16.08.2013

Key financials

5

85

67

125

103

16342

0

50

100

150

200

Q2'

12

Q3'

12

Q4'

12

Q1'

13

Q2'

13

RevenuesNOK million

-432

-840

-514

-85

-579

-900

-800

-700

-600

-500

-400

-300

-200

-100

Q2'

12

Q3'

12

Q4'

12

Q1'

13

Q2'

13

EBITDANOK million

Net current operating assetsNOK million

3 00

0

2 43

0 2 93

0

2 90

7 3 61

6

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

Q2'

12

Q3'

12

Q4'

12

Q1'

13

Q2'

13

2.8% 2.8%² 4.3% 3.5% 4.5%EBITDA margin

¹ Gain on sale of EPC Center Houston.² EBITDA margin excluding sales gain.

¹

© Kvaerner 2013 16.08.2013

Order intake and -backlog

6

0

2000

4000

6000

8000

10000

12000

14000

16000

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13

Order intakeNOK million

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13

Order backlogNOK million

For execution in 2013For execution in 2014

UpstreamDownstream & Industrials

For execution in 2015 and later

29 637

~30%

~40%

~30%

2 305

Note: All figures include incorporated joint ventures.

Estimated scheduling as of 30 June 2013:

© Kvaerner 2013 16.08.2013

Second quarter operations

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© Kvaerner 2013 16.08.2013

0.0

1.0

2.0

3.0

4.0

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

LTIF TRIF

Health, safety, security and environment

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No lost time injuries No serious incidents No serious near miss

Lost time incident frequency (LTIF) and Total recorded incident frequency (TRIF)Per million work hours and 12 months rolling averages

Focus on risk observations

Highlights

2.5

0.4

© Kvaerner 2013 16.08.2013

Operational highlights

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Overall high activity level

Optimising resources in Contractors Norway and International

New gantry crane being installed at Stord

CLAIR RIDGE JACKETS ELDFISK TOPSIDE

GARRISON ENERGY CENTER HEBRON GBS

Both jackets successfully delivered to BP

Final assembly activities on-going

Construction team mobilised on site

Slip forming of shafts on-going

Nytt bilde

Second quarter financialsEiliv Gjesdal, Chief Financial Officer

© Kvaerner 2013 16.08.2013

Income statement

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¹

Note: Restated figures for previous periods are reflecting impacts from implementing IAS 19R Employee Benefits.Revenues excluding incorporated joint ventures.

Amounts in NOK million Q2 2013 Q1 2013 Q2 2012 YTD 2013 YTD 2012FY 2012

RestatedTotal revenue and other income 3 616 2 907 3 000 6 523 5 388 10 748 EBITDA 163 103 85 266 244 479 Depreciation and amortisation (17) (16) (15) (33) (31) (66)EBIT 146 87 70 233 214 413 Net financial income/(expense) (7) (21) (2) (28) (3) (39)Profit from associated companies and JVs (18) (3) 0 (22) (0) (7)Profit before tax 120 62 68 183 210 367 Income tax expense (45) (25) (26) (70) (76) (130)Net profit 75 37 42 112 134 237 EBITDA margin 4.5 % 3.5 % 2.8 % 4.1 % 4.5 % 4.5 %

© Kvaerner 2013 16.08.2013

Q2 2013: Upstream review

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Financials Activity level in Norway increasing Early cycle projects with limited contribution

Orders Growth in existing contracts, especially within

procurement

Revenues, EBITDA and EBITDA marginNOK million

Order backlog and order intakeNOK million

2 5542 191

3 0543 411

3 914

118 100 137 131 1830

1 000

2 000

3 000

4 000

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13EBITDA-% 4.6% 4.6% 4.5% 3.8% 4.7%

Revenues EBITDA

Note: All figures include incorporated joint ventures.

22 318 21 433 20 226

29 844 28 153

15 196

1 296 1 848

12 805

2 329

0

5 000

10 000

15 000

20 000

25 000

30 000

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13

Order backlog at the end of the quarter Order intake in the quarter

© Kvaerner 2013 16.08.2013

Q2 2013: Downstream & Industrials review

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Financials Lower activity level than historically expected

for 2013 Negative results in the range of NOK 20-30

million expected for 2013

Orders Net order intake nil due to scope reduction in

a contract for US Steel corp.

Revenues, EBITDA and EBITDA marginNOK million

689

442

261 244338

6 46 7-8 -2-100

300

700

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13EBITDA-% 0.9% 10.4% 2.7% (3.1)% (0.7)%

Revenues EBITDA

¹ Figures include net positive effect of NOK 42 million from divestment of EPC Center Houston operations in Q4’12. Historical figures include EPC Center Houston.

Order backlog and order intakeNOK million

702

358

1 039

1 799

1 489

234148

981933

0

500

1 000

1 500

2 000

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13

Order backlog at the end of the quarter Order intake in the quarter

© Kvaerner 2013 16.08.2013

Strong revenue visibility

5 000

10 000

15 000

20 000

25 000

30 000

Q2 2011 Q2 2012 Q2 2013

2013 & later

Order backlog estimation by execution year (as of 30 June 2013)NOK million

29 637

2013

2014

2015 & later

2012

2014 & later

20132012

2011

14

Note: All figures include incorporated joint ventures.

Booked2012-13

Booked 2010-11

Revenues in excess of NOK 16 billion estimated for 2013

EBITDA assumptions 2013: Upstream margins

impacted by projects from 2010-2011 Downstream & Industrials

impacted by increased legal costs Corporate costs reduced by

NOK 30 million

© Kvaerner 2013 16.08.2013

-2 000

-1 500

-1 000

-500

0

500

1 000

Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13

Cash flow and working capital development

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Amounts in NOK million Q2 2013 Q1 2013 Q2 2012 YTD 2013 YTD 2012 FY 2012Cash flow from operating activities 655 (357) (387) 298 (772) (748)Cash flow from investing activities (40) (21) (19) (61) (58) (91)Cash flow from financing activities (176) (5) (294) (181) (294) (481)Translation adjustments 1 20 2 21 49 (29)Net increase/(decrease) in cash and bank deposits 441 (364) (699) 77 (1 075) (1 349)

Customer pre-payments¹ of NOK 188 millionDownstream & Industrials: Capital tied up in the Longview projectUpstream: Capital tied up in the

Nordsee Ost project Increase in working capital

expected during second half of 2013

Net current operating assets (NCOA)NOK million

Downstream & Industrials

Upstream

Group

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

© Kvaerner 2013 16.08.2013

Balance sheet

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30.06.2013 31.03.201330.06.2012

RestatedFY 2012

RestatedAssetsTotal non-current assets 2 232 2 293 2 017 2 218 Prepaid company tax 133 93 189 91 Current operating assets 2 874 2 965 2 737 2 660 Other current assets - - 20 - Total cash and bank 1 146 705 1 344 1 069 Total assets 6 385 6 057 6 306 6 039

Total equity 2 267 2 308 2 256 2 195

Non-current interest bearing liabilities 474 471 464 469 Other non-current liabilities 189 175 237 172 Current operating liabilities 3 452 3 050 3 168 3 175 Current tax liabilities 4 52 180 28 Other current liabilities (0) (0) 0 (0)Total liabilities 4 119 3 748 4 050 3 844 Total equity and liabilities 6 385 6 057 6 306 6 039

Equtiy ratio 35 % 38 % 36 % 36 %Net cash 723 284 942 650

Amounts in NOK million

© Kvaerner 2013 16.08.2013

Closing remarks

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The Stord yard with the Eldfisk topside in front and the crane installation on-going.

© Kvaerner 2013 16.08.2013

On-going improvement initiatives to strengthen competitiveness

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New operating model implemented

Corporate staff reduced by 35 percent

Assessing options for the future of the Verdal yard

© Kvaerner 2013 16.08.2013

Opportunities in all target markets

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North Sea• Johan Sverdrup key

target• Opportunities for

completion and hook-up projects

Arctic Russia• Strong future market• Studies on-going in in

several areas• Kara Sea field seismic

surveys started

Caspian• Strong future market,

uncertain timing• Development of delivery

model on-going• Kashagan expected

on-stream in 2013

Asia Pacific• Multiple opportunities

within next 24 months• Robust delivery model

established

North America• Certain wards for gas

fired power plants seems to be sliding

• Steel maintenance market see some reduction in spending

Alaska & Canada

• Activities on-going to position concrete sub-structures

• High potential in Newfoundland and Labrador

High activity on studies for Arctic areasPositive medium- and long-term market prospects

© Kvaerner 2013 16.08.2013

Summary

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Strong order backlog

High activity – project execution focus

Improving competitiveness and delivery models

Predictable dividend policy

HSSE – core value and licence to operate

Maintain and develop home markets

International expansion

Hands-on management

© Kvaerner 2013 16.08.201322

APPENDIX

© Kvaerner 2013 16.08.2013

The current EPC project portfolio

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2011 2012 2013 2014 2015 Value at award

Mongstad TCM NOK 525M

Eldfisk topside NOK 5.5B

Nyhamna onshore NOK 11B

Edvard Grieg topside NOK 8B

Nordsee Ost wind jackets EUR 115M

Clair Ridge jackets NOK 1.7B

Edvard Grieg jacket NOK 1.1B

Martin Linge jacket NOK 1.2B

Sakhalin-1 USD 600M

Hebron USD 1.5B

Kashagan HUC USD 1.6B

V&M Star (MEP) Undisclosed

Calpine Garrison USD 100-120M

Contractors International Onshore AmericasConcrete SolutionsJacketsContractors Norway

© Kvaerner 2013 16.08.2013

Revenue distribution

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Share of revenues 2011Percent

Share of revenues 2012Percent

NOK

13.3 billion

NOK

10.7 billion

Contractors International Onshore Americas Concrete Solutions Jackets Contractors Norway

Share of revenues last 12 monthsPercent

NOK

11.9 billion

© Kvaerner 2013 16.08.2013

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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.

Copyright and disclaimer

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