January 10, 2013 / 7:38 AM / 5 years ago

UPDATE 1-Norway's Kvaerner sees revenue, dividend rise in 2013

* Expects 2013 revenue of at least NOK 13 bln

* Plans dividend of NOK 0.55 in April, up from NOK 0.53 in Oct

OSLO, Jan 10 (Reuters) - Oil services company Kvaerner expects a hefty jump in revenues during 2013 and dividends to rise steadily year after year, it said on Thursday.

Oslo-listed Kvaerner, which specialises in heavy steel products such as platform construction, says this year’s revenue should total at least 13 billion Norwegian crowns ($2.3 billion), against an expected 10.4 billion crowns for 2012 and slightly ahead of market expectations for 12.8 billion crowns.

Kvaerner, which is also working with Royal Dutch Shell to expand it gas processing facility at Nymahna in western Norway, said that it aims to raise dividends by 10 percent a year and planned to pay out 0.55 Norwegian crowns in April, up from 0.53 crowns in October.

The company did not release a fresh order backlog figure but said that it booked about 6 billion crowns in orders since the end-September figure, which would indicate an increase, even with some orders running out in the fourth quarter.

Kvaerner, spun off from Aker Solutions in 2011, suffered a huge dip in revenues in 2012, which the company blamed on a weak orderbook inherited from prior to its listing.

Kvaerner relies on a relatively small number of very large projects and missing only a few contracts can have a large impact on its order backlog.

However, analysts still see steady growth ahead and market expectations are for revenues to rise to more than 16 billion crowns by 2015.

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