Kvaerner results up, dividend proposed - Seite 2

Kvaerner’s financial results is an effect of a business characterised by projects running over long period. The overall financial performance is best assessed looking at longer intervals. A solid financial platform is a key enabler for growth in new target segments and for establishing alliances with strategic partners.

Hence, the Board of Directors has decided to change the dividend policy, where dividend payment until now has been considered two times per year, to an updated policy where dividend payment is evaluated once every year. The following updated dividend policy decided by the Board of Directors is implemented with immediate effect:

• Kværner ASA’s dividend policy is based on an annual evaluation of dividend distribution. Decisions as to actual dividend payments shall depend on outlook, liquidity and considerations such as alternative use of cash and future strengthening of the company’s financial structure. The dividend payments could either be through cash dividend and/or share buyback.

• Extraordinary dividends may be considered if, and when the liquidity, financial strength and financial structure of the company allows.

• The Annual General Meeting will approve the final and total annual dividend based on a proposal from the Board.

The Board of Directors also proposes to the Annual General Meeting to approve distribution of a dividend of NOK 0.50 per share after the fourth quarter 2019. This corresponds to a total dividend payment of NOK 134.5 million, equal to about 55 percent of Kvaerner’s net profit in 2019. With the proposed payment after 2019, the total dividend distributed since today’s Kvaerner was listed in 2011 corresponds to about 60 percent of net profit in the same period.

The presentation including financial appendix can be downloaded from www.kvaerner.com and the link below.

ENDS

For further information, please contact:

Media inquiries:
Torbjørn Andersen, Head of IR & Communications, Kvaerner, Mob: [phone], email: [e-mail]

Investor inquiries:
Idar Eikrem, EVP & CFO, Kvaerner, Mob: [phone], email: [e-mail]

About Kvaerner:
Kvaerner is a project execution specialist and a trusted advisor for our clients. We provide engineering, procurement and construction (EPC) services and deliver advanced offshore platforms, onshore plants, floating production units (i.e. FPSOs) and renewable energy solutions.

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 clients 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.