3 May 2017 - Under Kvaerner's variable pay programme for executives for 2016, 50 percent of the earnings is deferred for three years and paid-out along with a restricted share programme element provided the executive is employed by the company at the time of payment. The share programme element for the variable pay programme 2016 is calculated by the volume weighted share price on 2 May 2017, which was NOK 11.40. The shares will be bought by Kvaerner in 2017 and allocated to the executives three years later. Reference is made to the Board of Directors' statement of executive remuneration published on Kvaerner's website: www.kvaerner.com
The following primary insiders are eligible for shares under the variable pay programme for 2016:
Ellen Grete Andersen Chief of Staff 19 808 10 925
Elly Bjerknes EVP Process Solutions 25 715 0
Idar Eikrem EVP & CFO 52 632 0
Henrik Inadomi SVP Corporate Support 31 739 10 925
Arnt Knudsen SVP Business Development 28 422 24 194
Hans Petter Mølmen EVP Concrete & New Solutions 24 835 11 616
Steinar Røgenes EVP EPCI 29 715 14 000
For further information, please contact:
Ingrid Aarsnes, VP Investor Relations & Communications, Kvaerner, +Mob: +47 950 38 364, email: firstname.lastname@example.org
Torbjørn Andersen, Head of Communications, Kvaerner, Mob: +47 928 85 542, email: email@example.com
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. Kvaerner 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 2 700 HSSE-focused and experienced employees are recognised for delivering some of the world's most amazing and demanding projects.
In 2016, the Kvaerner group had consolidated annual revenues of close to NOK 8 billion and the company reported an order backlog at 31 December 2016 of NOK 6.5 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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