February 12, 2019 / 7:08 AM / 3 months ago

Norway's Kvaerner to pay first dividend since 2015

OSLO, Feb 12 (Reuters) - Norwegian oil service firm Kvaerner proposed on Tuesday to pay its first dividend since 2015 as the company’s market outlook improved.

Kvaerner’s Field Development segment, which includes joint ventures, reported 75 million Norwegian crowns ($8.62 million) in earnings before interest, tax, depreciation and amortization for the fourth-quarter, down from 234 million a year ago.

Despite lower quarterly core earnings, the company said its strong financial position allowed it to propose a dividend payment of 1 crown per share.

The company had 3.2 billion crowns in cash at the end of the fourth-quarter, and 267.9 million outstanding shares.

“The competitive advantage Kvaerner has of a strong balance sheet will continue to be an important part also of future dividend considerations,” the company said in a statement.

Kvaerner said it saw an improved market and more customers considering new projects, with near-term larger contracts expected in 2020 and 2021. ($1 = 8.6999 Norwegian crowns) (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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