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Q4 presentation

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Kjell Brataas
Kjell Brataas

Fourth quarter results in 2012 saw: - Revenues of NOK 2,930 million, down from NOK 3,004 million in Q4 2011. - EBITDA of NOK 249 million, up from NOK 159 million in Q4 2011. - Order backlog remained strong at NOK 21,262 million, providing visibility for execution through 2015. - Operations progressed on major projects in the North Sea and internationally, while securing new awards and position for future work.

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Fourth quarter results 2012 Photo: A/S Norske Shell ? Kvaerner 2013 13.02.2013
Highlights Nyhamna onshore contract increased to NOK 11 billion Calpine Garrison power plant won Eldfisk 2/7S hook-up and commissioning assistance awarded Order backlog of NOK 21.3 billion Semi-annual dividend proposal of NOK 0.55 per share All home market tenders concluded with awards to competitors The Eldfisk 2/7S topside being assembled at Stord, Norway. 2 ? Kvaerner 2013 13.02.2013
Key financials Revenues EBITDA Net current operating assets NOK million NOK million NOK million 3 500 250 -432 3 000 -200 -514 200 -717 -840 2 500 -400 -1 235 150 2 000 -600 249 3 004 3 000 2 930 1 500 -800 100 2 430 2 388 42 ? 1 000 159 -1 000 119 50 85 500 -1 200 67 0 -1 400 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 EBITDA 8.3% 6.7% 2.8% 2.8%? 4.1% margin ? Gain on sale of EPC Center Houston to IHI Corp. 3 ? Kvaerner 2013 13.02.2013 ? EBITDA margin excluding sales gain.
Solid order backlog Order intake Order backlog NOK million NOK million 16 000 25 000 14 000 21 262 20 000 12 000 ~20% 10 000 15 000 8 000 ~30% 10 000 6 000 4 000 5 000 ~50% 2 444 2 000 0 0 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 For execution in 2013 Upstream For execution in 2014 Downstream & Industrials For execution in 2015 and later 4 ? Kvaerner 2013 13.02.2013
Fourth quarter operations Roll-up of the Clair Ridge jacket at Verdal, Norway. 5 ? Kvaerner 2013 13.02.2013
Health, safety, security and environment Two lost time injuries and twelve other injuries resulting in 14 recordable injuries in the quarter Four serious near miss incidents Lost time incident frequency (LTIF) and Total recorded incident frequency (TRIF) Per million work hours and 12 months rolling averages 4,0 LTIF TRIF Highlights 3.2 Enforced pro- 3,0 activeness throughout the 2,0 organisation Started roll-out of new HSSE 1,0 Leadership course 0.6 Increased security 0,0 focus Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 6 ? Kvaerner 2013 13.02.2013
Operations DOWNSTREAM & UPSTREAM INDUSTRIALS CONCRETE JACKETS NORTH SEA INTERNATIONAL E&C AMERICAS Hebron GBS: steel Nordsee Ost: 31 Eldfisk assembly Positioning for the Start up activities skirts installed jackets completed progressing Browse project for the Calpine Garrison project Several studies on- Fabrication started E. Grieg topside Pre-qualification going on E. Grieg and M. prefabrication and study activities Steel maintenance Linge started projects on plan Nyhamna onshore detailed engineering 7 ? Kvaerner 2013 13.02.2013
Major onshore project at Nyhamna 8 ? Kvaerner 2013 13.02.2013
Fourth quarter financials Eiliv Gjesdal, Chief Financial Officer
Income statement Full year Full year Amounts in NOK million Q4 2012 Q4 2011 2012 ? 2011 Total revenue and other income 2 930 3 004 10 748 13 295 EBITDA 119 249 473 1 073 Depreciation and amortisation (19) (18) (66) (54) EBIT 101 230 407 1 019 Net financial income/(expense) (17) (106) (31) (109) Profit from associated companies and JVs (6) (6) (7) (6) Profit before tax 77 119 369 903 Income tax expense (21) (38) (131) (344) Net profit 56 81 238 559 EBITDA margin 4.1 % 8.3 % 4.4 % 8.1 % ? Figures include net positive effect of NOK 42 million from divestment of EPC Center Houston operations. Historical figures include EPC Center Houston. 10 ? Kvaerner 2013 13.02.2013
Q4 2012: Downstream & Industrials review Financials Orders ? Somewhat lower activity level expected first ? Calpine Garrison power plant of half of 2013 ~USD 100-120 million ? Limited results expected until Longview ? Various smaller steel maintenance projects arbitration is concluded Revenues, EBITDA and EBITDA margin Order backlog and order intake NOK million NOK million 900 850 1 500 1 287 689 1 130 1 039 496 1 000 442 716 702 981 400 261 500 381 358 46 234 7 148 3 6 -100 -15 0 Q4'11 Q1'12 Q2'12 Q3'12 ? Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 EBITDA-% (1.8)% 0.5% 0.9% 10.4% 2.7% Revenues EBITDA Order backlog at the end of the quarter Order intake in the quarter ? Figures include net positive effect of NOK 42 million from divestment of EPC Center Houston operations. Historical figures include EPC Center Houston. 11 ? Kvaerner 2013 13.02.2013
Q4 2012: Upstream review Financials Orders ? North Sea activity level increasing ? Eldfisk 2/7S hook-up and commissioning ? Early cycle projects with limited contribution assistance contract of NOK 400 million ? Nordsee Ost project commercial challenging ? Growth in existing projects Revenues, EBITDA and EBITDA margin Order backlog and order intake NOK million NOK million 3 000 2 717 25 000 22 318 21 433 2 317 20 226 2 176 20 000 1 891 1 992 2 000 14 959 15 000 8 758 9 683 10 000 1 000 287 5 000 2 817 196 119 100 136 1 097 1 511 446 0 0 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 EBITDA-% 13.2% 10.4% 5.1% 5.0% 5.0% Revenues EBITDA Order backlog at the end of the quarter Order intake in the quarter 12 ? Kvaerner 2013 13.02.2013
2012 order intake ¨C foundation for growth Revenues and backlog Solid long term revenue visibility NOK million 14 000 The major 2012 project wins: ? Nyhamna onshore project 12 000 ? Edvard Grieg topside, jacket and offshore completion 10 000 ? Martin Linge jacket ? Hook-up and commissioning of 8 000 Eldfisk 2/7S ? Construction of Garrison Energy Center 6 000 ? 4 000 Incorporated joint ventures will not be included in the backlog 2 000 2013 order intake: Increase in the Nyhamna onshore contract of NOK 5 billion 2008 2009 2010 2011 2012 2013 2014 2015 and later Revenues Orders booked Backlog per Backlog per in 2013 year-end 2012 year-end 2011 Note: The Hebron project will be accounted for as an incorporated JV. 13 ? Kvaerner 2013 13.02.2013
Cash flow and working capital development Full year Full year Amounts in NOK million Q4 2012 Q4 2011 2012 2011 Cash flow from operating activities (293) 322 (748) 1 069 Cash flow from investing activities (23) (77) (91) (231) Cash flow from financing activities (190) - (481) (1 105) Translation adjustments (75) 55 (29) 8 Net increase/(decrease) in cash and bank (580) 300 (1 349) (259) deposits The EPC business is cash Net current operating assets (NCOA) positive through negative NOK million working capital: ? Customer pre- 1 000 payments? of 500 Downstream & Industrials NOK 143 million 0 ? Downstream & Industrials: Capital -500 Group tied up in the Longview -1 000 Upstream project ? Upstream: Capital tied -1 500 up in the Nordsee Ost -2 000 project Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 ? Invoicing in excess of cost and estimated earnings less amounts billed in advance but not received (on a project by project basis). 14 ? Kvaerner 2013 13.02.2013
Balance sheet Full year Full year Amounts in NOK million 2012 Q3 2012 2011 Assets Total non-current assets 2 231 2 150 1 954 Prepaid company tax 91 173 169 Current operating assets 2 660 2 498 2 256 Other current assets - 20 25 Total cash and bank 1 069 1 649 2 418 Total assets 6 052 6 491 6 823 Total equity 2 202 2 321 2 445 Non-current interest bearing liabilities 469 467 460 Other non-current liabilities 178 218 161 Current operating liabilities 3 175 3 338 3 491 Current tax liabilities 28 147 257 Other current liabilities (0) 0 8 Total liabilities 3 850 4 170 4 378 Total equity and liabilities 6 052 6 491 6 823 Equtiy ratio 36 % 36 % 36 % Net cash 650 1 253 2 012 15 ? Kvaerner 2013 13.02.2013
Summary and closing remarks 16 ? Kvaerner 2013 13.02.2013
Future market opportunities Facsimiles from Capital Markets Day 10 January 2013. 17 ? Kvaerner 2013 13.02.2013
Summary Strong order backlog HSSE ¨C core value and ? More than NOK 11 billion secured for 2013 licence to operate Focus on project execution and Maintain and develop home improving competitiveness markets Predictable deliveries International expansion ? Quality on time with predictable price tag Hands-on management Predictable dividend policy ? Proposed semi-annual dividend of NOK 0.55 per share 18 ? Kvaerner 2013 13.02.2013
Q4 presentation
APPENDIX 20 ? Kvaerner 2013 13.02.2013
The current EPC project portfolio 2011 2012 2013 2014 2015 Value at award Mongstad TCM NOK 525M Eldfisk topside NOK 5.5B Nyhamna onshore NOK 11B Edvard Grieg NOK 8B topside Nordsee Ost wind EUR 115M jackets Clair Ridge jackets NOK 1.7B Edvard Grieg jacket NOK 1.1B Martin Linge jacket NOK 1.2B Sakhalin-1 USD 600M Kashagan HUC USD 1.6B V&M Star (MEP) Undisclosed Calpine Garrison USD 100-120M North Sea Jackets Concrete Solutions International E&C Americas 21 ? Kvaerner 2013 13.02.2013
Revenue distribution Share of revenues 2010 Share of revenues 2011 Share of revenues 2012 Percent Percent Percent NOK NOK NOK 13.2 13.3 10.7 billion billion billion International E&C Americas Concrete Jackets North Sea 22 ? Kvaerner 2013 13.02.2013
EPC prospects North Sea Jackets International Concrete E&C Americas Victoria Hod Browse White Rose Gas processing Maria Auk Other international Piltun South Chemical Tommeliten Tor prospects on a case Amuligak Refining Snorre Tommeliten by case basis Kara Sea Steel Utsira high Utsira high Pechora LNG Pipe manufacturing Skrugard Greater Clair Kammennomyskoye industry Johan Sverdrup Development Dolginskoe Gas fired power plants Havis Snorre Natuna Plant maintenance and Johan Sverdrup services Power plants environmental compliance projects Existing and prioritised markets Note: The list is not exhaustive or indicative of Kvaerner¡¯s priorities. 23 ? Kvaerner 2013 13.02.2013
Copyright and disclaimer Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Kvaerner and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction. Disclaimer This 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 Kv?rner ASA and Kv?rner 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 Kv?rner 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. Kv?rner ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Kv?rner ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. 24 ? Kvaerner 2013 13.02.2013

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Q4 presentation

  • 1. Fourth quarter results 2012 Photo: A/S Norske Shell ? Kvaerner 2013 13.02.2013
  • 2. Highlights Nyhamna onshore contract increased to NOK 11 billion Calpine Garrison power plant won Eldfisk 2/7S hook-up and commissioning assistance awarded Order backlog of NOK 21.3 billion Semi-annual dividend proposal of NOK 0.55 per share All home market tenders concluded with awards to competitors The Eldfisk 2/7S topside being assembled at Stord, Norway. 2 ? Kvaerner 2013 13.02.2013
  • 3. Key financials Revenues EBITDA Net current operating assets NOK million NOK million NOK million 3 500 250 -432 3 000 -200 -514 200 -717 -840 2 500 -400 -1 235 150 2 000 -600 249 3 004 3 000 2 930 1 500 -800 100 2 430 2 388 42 ? 1 000 159 -1 000 119 50 85 500 -1 200 67 0 -1 400 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 EBITDA 8.3% 6.7% 2.8% 2.8%? 4.1% margin ? Gain on sale of EPC Center Houston to IHI Corp. 3 ? Kvaerner 2013 13.02.2013 ? EBITDA margin excluding sales gain.
  • 4. Solid order backlog Order intake Order backlog NOK million NOK million 16 000 25 000 14 000 21 262 20 000 12 000 ~20% 10 000 15 000 8 000 ~30% 10 000 6 000 4 000 5 000 ~50% 2 444 2 000 0 0 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 For execution in 2013 Upstream For execution in 2014 Downstream & Industrials For execution in 2015 and later 4 ? Kvaerner 2013 13.02.2013
  • 5. Fourth quarter operations Roll-up of the Clair Ridge jacket at Verdal, Norway. 5 ? Kvaerner 2013 13.02.2013
  • 6. Health, safety, security and environment Two lost time injuries and twelve other injuries resulting in 14 recordable injuries in the quarter Four serious near miss incidents Lost time incident frequency (LTIF) and Total recorded incident frequency (TRIF) Per million work hours and 12 months rolling averages 4,0 LTIF TRIF Highlights 3.2 Enforced pro- 3,0 activeness throughout the 2,0 organisation Started roll-out of new HSSE 1,0 Leadership course 0.6 Increased security 0,0 focus Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 6 ? Kvaerner 2013 13.02.2013
  • 7. Operations DOWNSTREAM & UPSTREAM INDUSTRIALS CONCRETE JACKETS NORTH SEA INTERNATIONAL E&C AMERICAS Hebron GBS: steel Nordsee Ost: 31 Eldfisk assembly Positioning for the Start up activities skirts installed jackets completed progressing Browse project for the Calpine Garrison project Several studies on- Fabrication started E. Grieg topside Pre-qualification going on E. Grieg and M. prefabrication and study activities Steel maintenance Linge started projects on plan Nyhamna onshore detailed engineering 7 ? Kvaerner 2013 13.02.2013
  • 8. Major onshore project at Nyhamna 8 ? Kvaerner 2013 13.02.2013
  • 9. Fourth quarter financials Eiliv Gjesdal, Chief Financial Officer
  • 10. Income statement Full year Full year Amounts in NOK million Q4 2012 Q4 2011 2012 ? 2011 Total revenue and other income 2 930 3 004 10 748 13 295 EBITDA 119 249 473 1 073 Depreciation and amortisation (19) (18) (66) (54) EBIT 101 230 407 1 019 Net financial income/(expense) (17) (106) (31) (109) Profit from associated companies and JVs (6) (6) (7) (6) Profit before tax 77 119 369 903 Income tax expense (21) (38) (131) (344) Net profit 56 81 238 559 EBITDA margin 4.1 % 8.3 % 4.4 % 8.1 % ? Figures include net positive effect of NOK 42 million from divestment of EPC Center Houston operations. Historical figures include EPC Center Houston. 10 ? Kvaerner 2013 13.02.2013
  • 11. Q4 2012: Downstream & Industrials review Financials Orders ? Somewhat lower activity level expected first ? Calpine Garrison power plant of half of 2013 ~USD 100-120 million ? Limited results expected until Longview ? Various smaller steel maintenance projects arbitration is concluded Revenues, EBITDA and EBITDA margin Order backlog and order intake NOK million NOK million 900 850 1 500 1 287 689 1 130 1 039 496 1 000 442 716 702 981 400 261 500 381 358 46 234 7 148 3 6 -100 -15 0 Q4'11 Q1'12 Q2'12 Q3'12 ? Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 EBITDA-% (1.8)% 0.5% 0.9% 10.4% 2.7% Revenues EBITDA Order backlog at the end of the quarter Order intake in the quarter ? Figures include net positive effect of NOK 42 million from divestment of EPC Center Houston operations. Historical figures include EPC Center Houston. 11 ? Kvaerner 2013 13.02.2013
  • 12. Q4 2012: Upstream review Financials Orders ? North Sea activity level increasing ? Eldfisk 2/7S hook-up and commissioning ? Early cycle projects with limited contribution assistance contract of NOK 400 million ? Nordsee Ost project commercial challenging ? Growth in existing projects Revenues, EBITDA and EBITDA margin Order backlog and order intake NOK million NOK million 3 000 2 717 25 000 22 318 21 433 2 317 20 226 2 176 20 000 1 891 1 992 2 000 14 959 15 000 8 758 9 683 10 000 1 000 287 5 000 2 817 196 119 100 136 1 097 1 511 446 0 0 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 EBITDA-% 13.2% 10.4% 5.1% 5.0% 5.0% Revenues EBITDA Order backlog at the end of the quarter Order intake in the quarter 12 ? Kvaerner 2013 13.02.2013
  • 13. 2012 order intake ¨C foundation for growth Revenues and backlog Solid long term revenue visibility NOK million 14 000 The major 2012 project wins: ? Nyhamna onshore project 12 000 ? Edvard Grieg topside, jacket and offshore completion 10 000 ? Martin Linge jacket ? Hook-up and commissioning of 8 000 Eldfisk 2/7S ? Construction of Garrison Energy Center 6 000 ? 4 000 Incorporated joint ventures will not be included in the backlog 2 000 2013 order intake: Increase in the Nyhamna onshore contract of NOK 5 billion 2008 2009 2010 2011 2012 2013 2014 2015 and later Revenues Orders booked Backlog per Backlog per in 2013 year-end 2012 year-end 2011 Note: The Hebron project will be accounted for as an incorporated JV. 13 ? Kvaerner 2013 13.02.2013
  • 14. Cash flow and working capital development Full year Full year Amounts in NOK million Q4 2012 Q4 2011 2012 2011 Cash flow from operating activities (293) 322 (748) 1 069 Cash flow from investing activities (23) (77) (91) (231) Cash flow from financing activities (190) - (481) (1 105) Translation adjustments (75) 55 (29) 8 Net increase/(decrease) in cash and bank (580) 300 (1 349) (259) deposits The EPC business is cash Net current operating assets (NCOA) positive through negative NOK million working capital: ? Customer pre- 1 000 payments? of 500 Downstream & Industrials NOK 143 million 0 ? Downstream & Industrials: Capital -500 Group tied up in the Longview -1 000 Upstream project ? Upstream: Capital tied -1 500 up in the Nordsee Ost -2 000 project Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 ? Invoicing in excess of cost and estimated earnings less amounts billed in advance but not received (on a project by project basis). 14 ? Kvaerner 2013 13.02.2013
  • 15. Balance sheet Full year Full year Amounts in NOK million 2012 Q3 2012 2011 Assets Total non-current assets 2 231 2 150 1 954 Prepaid company tax 91 173 169 Current operating assets 2 660 2 498 2 256 Other current assets - 20 25 Total cash and bank 1 069 1 649 2 418 Total assets 6 052 6 491 6 823 Total equity 2 202 2 321 2 445 Non-current interest bearing liabilities 469 467 460 Other non-current liabilities 178 218 161 Current operating liabilities 3 175 3 338 3 491 Current tax liabilities 28 147 257 Other current liabilities (0) 0 8 Total liabilities 3 850 4 170 4 378 Total equity and liabilities 6 052 6 491 6 823 Equtiy ratio 36 % 36 % 36 % Net cash 650 1 253 2 012 15 ? Kvaerner 2013 13.02.2013
  • 16. Summary and closing remarks 16 ? Kvaerner 2013 13.02.2013
  • 17. Future market opportunities Facsimiles from Capital Markets Day 10 January 2013. 17 ? Kvaerner 2013 13.02.2013
  • 18. Summary Strong order backlog HSSE ¨C core value and ? More than NOK 11 billion secured for 2013 licence to operate Focus on project execution and Maintain and develop home improving competitiveness markets Predictable deliveries International expansion ? Quality on time with predictable price tag Hands-on management Predictable dividend policy ? Proposed semi-annual dividend of NOK 0.55 per share 18 ? Kvaerner 2013 13.02.2013
  • 20. APPENDIX 20 ? Kvaerner 2013 13.02.2013
  • 21. The current EPC project portfolio 2011 2012 2013 2014 2015 Value at award Mongstad TCM NOK 525M Eldfisk topside NOK 5.5B Nyhamna onshore NOK 11B Edvard Grieg NOK 8B topside Nordsee Ost wind EUR 115M jackets Clair Ridge jackets NOK 1.7B Edvard Grieg jacket NOK 1.1B Martin Linge jacket NOK 1.2B Sakhalin-1 USD 600M Kashagan HUC USD 1.6B V&M Star (MEP) Undisclosed Calpine Garrison USD 100-120M North Sea Jackets Concrete Solutions International E&C Americas 21 ? Kvaerner 2013 13.02.2013
  • 22. Revenue distribution Share of revenues 2010 Share of revenues 2011 Share of revenues 2012 Percent Percent Percent NOK NOK NOK 13.2 13.3 10.7 billion billion billion International E&C Americas Concrete Jackets North Sea 22 ? Kvaerner 2013 13.02.2013
  • 23. EPC prospects North Sea Jackets International Concrete E&C Americas Victoria Hod Browse White Rose Gas processing Maria Auk Other international Piltun South Chemical Tommeliten Tor prospects on a case Amuligak Refining Snorre Tommeliten by case basis Kara Sea Steel Utsira high Utsira high Pechora LNG Pipe manufacturing Skrugard Greater Clair Kammennomyskoye industry Johan Sverdrup Development Dolginskoe Gas fired power plants Havis Snorre Natuna Plant maintenance and Johan Sverdrup services Power plants environmental compliance projects Existing and prioritised markets Note: The list is not exhaustive or indicative of Kvaerner¡¯s priorities. 23 ? Kvaerner 2013 13.02.2013
  • 24. Copyright and disclaimer Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Kvaerner and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction. Disclaimer This 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 Kv?rner ASA and Kv?rner 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 Kv?rner 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. Kv?rner ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Kv?rner ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. 24 ? Kvaerner 2013 13.02.2013