Kvaerner Enters New HQ Lease Agreement (Norway)

Kvaerner has signed an agreement with Fornebuporten AS for a long term lease for Fornebuporten – a new headquarters office building which will be built at Fornebu near Oslo.

The Fornebu peninsula is a key location for the Norwegian oil and gas industry and the new headquarters gives Kvaerner proximity to partners and customers. The building’s functionalities will be tailored to meet Kvaerner’s specifications. The transaction is a related party transaction.

The design and new headquarters building will be developed in close cooperation with Kvaerner with office lay-out favourable to Kvaerner’s project orientated business activities. The lease contract is for approximately 8.000 sqm.

Fornebuporten is owned and developed by Aker ASA through Aker’s wholly-owned subsidiary Fornebuporten AS. Since Aker has ownership interests in both companies, the lease agreement between Fornebuporten and Kvaerner is a related party transaction. Consequently, the pre-transaction process and conclusion to enter into the lease agreement have been conducted at arm’s length, in accordance with relevant regulation as well as in compliance with Kvaerner’s own guidelines for related party transactions.

Kvaerner’s new headquarter building, Fornebuporten, is scheduled for completion in second quarter 2015.

The term of the agreement is 12 years with options for five + five years.

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Press Release, April 23, 2013; Image: fornebuporten.no