Kværner ASA: Kvaerner reaches settlement agreement with Amec Foster Wheeler
2 March 2016 - 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 NAC to confirm and Amec Foster Wheeler North America Corp`s motion to vacate/modify the arbitration award.
ENDS
For further information, please contact:
Investor Relations:
Ingrid Aarsnes, SVP Investor Relations & Communications, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364, email: ir@kvaerner.com
Media:
Torbjørn Andersen, VP Communications, Kvaerner, Mob: +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 plants for upstream oil and gas production 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 recognized for delivering some of the world`s most amazing and demanding projects.
In 2015, the Kvaerner group had consolidated annual revenues of NOK 12 billion and the company reported an order backlog at 31 December 2015 of NOK 14.3 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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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kværner ASA via GlobeNewswire
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