Kvaerner Come to a Settlement with AFW

Kvaerner North American Construction Inc. ("Kvaerner NAC"), a subsidiary of Kvaerner, and Amec Foster Wheeler North America Corp. have reached a settlement of all claims related to the Longview Power Project. The final settlement will result in a cash payment to Kvaerner NAC of USD 70 million, and an anticipated positive currency accounting effect of approximately NOK 200 million within discontinued operations in Kvaerner's income statement.

This settlement concludes the arbitration awarded in October 2015. This agreement also terminates the court proceedings instituted by Kvaerner (KVAER.OL) NAC to confirm and Amec Foster Wheeler North America Corp's motion to vacate/modify the arbitration award.