Kvaerner ASA (KVAER.OL)

KVAER.OL on Oslo Stock Exchange

23 Mar 2018
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Latest Key Developments (Source: Significant Developments)

Kvaerner awarded NOK 70 mln construction contract for Yme
Thursday, 16 Nov 2017 

Nov 16 (Reuters) - Kvaerner Asa :Has been awarded a contract with Repsol Norge AS for the construction of a permanent caisson support structure for the Yme New Development project..The contract has a value of around NOK 70 million ($8.50 million).Planning, procurement and method work start immediately, while the fabrication in Verdal starts in January 2018.Delivery of the Caisson Permanent Support is planned for June 2018.Constructing the support structure will engage around 60-70 people at Kvaerner's yard in Verdal in the building period.  Full Article

Kvaerner Q3 EBITDA above forecast, sees more prospects to bid for
Friday, 27 Oct 2017 

Oct 27 (Reuters) - Kvaerner Asa :Kvaerner q3 operating revenue nok ‍1.68 billion (Reuters poll nok 1.37 billion) vs NOK 1.98 bln in Q3 2016.Kvaerner q3 adjusted ebitda including JVs nok ‍262​ million vs NOK 265 mln in Q3 2016.Kvaerner q3 ebitda nok 245​ million (Reuters poll nok 142 million) vs NOK 223 mln in Q3 2016.Kvaerner end q3 order backlog nok ‍8.21 billion (versus nok 9.04 billion end q2).Kvaerner asa - the main market segments are still challenging, however we see more prospects to bid for compared to one year ago‍​.Kvaerner asa for 2017, the full year gross revenue is expected to be more than nok 7 billion..Kvaerner says further positive impact from future incentives and final accounts may be expected in q4 17 as final close out activities for certain projects are concluded.‍we now see a market with several prospects, which represent important opportunities to refill order book.‍company expects to see outcome of some contract awards in late 2017 and throughout 2018​.  Full Article

Kvaerner wins Husky tow-out and installation contract
Thursday, 12 Oct 2017 

Oct 12 (Reuters) - Kvaerner Asa :Contract to kvaerner for tow-out and installation of west white rose cgs.Husky Energy has awarded Kvaerner a contract for engineering and marine operations to tow and install the concrete gravity structure (CGS) for the West White Rose Project offshore Canada.The new multi-million Canadian dollar contract confirms Kvaerner's leading position for demanding marine operations.  Full Article

Kvaerner CEO sees reason for some more optimism
Wednesday, 15 Feb 2017 

Kvaerner ASA Chief Executive Jan Arve Haugan told Reuters on the sidelines of the company's earnings presentation on Wednesday: Kvaerner is "actively bidding on a number of projects, and I have reasons to be a bit more optimistic" . Hopes market bottoming out and that no more negative developments occur . "We've indicated now that possibilities to fill the order book is there." . "Then it's a question of what projects we are going to win." . "Utilisation of our work force is going to be better going forward." . "Our biggest client, Statoil, has indicated that beyond 2022 they have limited projects, so in a longer horizon there might be some challenges." . "However, both Lundin and OMV are talking about their projects (in the Barents Sea), and we can see some studies to be awarded during the upcoming few years." . CEO added that a second area of opportunity was the North Sea, with tie-ins of smaller fields to existing infrastructure Further company coverage: [KVAER.OL] (Reporting by Nerijus Adomaitis, writing by Terje Solsvik, editing by Ole Petter Skonnord) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Kvaerner Q4 EBITDA beats forecast, sees lower 2017 revenues as expected
Wednesday, 15 Feb 2017 

Kvaerner Asa : Kvaerner end q4 order backlog nok 6 459 million (nok 8.4 billion at end q3) . Kvaerner q4 ebitda nok 229 million (Reuters poll nok 155 million) . Kvaerner q4 operating revenue nok 1 834 million (Reuters poll nok 2.05 billion) . Says Q4 had solid results through predictable project execution . Kvaerner q4 pretax result loss NOK 2 million (Reuters poll prodit of NOK 130 million) . Kvaerner asa says a robust balance sheet and cash position is important to maintain resilience through challenging cycle . Kvaerner asa says solid financial position is a competitive lever when positioning for new contracts . Kvaerner asa says it also provides flexibility to pursue selected opportunities for strategic development . Kvaerner asa: the activity level in 2017 is expected to be significantly lower than in 2016, with expected full year gross revenue of around nok 6 billion, in line with a Reuters poll of NOK 6.07 billion . Kvaerner asa: although revenue level will be lower in 2017, activity level at the yards will be higher than in 2016 due to phasing of projects and portfolio mix . Kvaerner will further simplify the organisation, reduce the amount of management positions and downsize the workforce with 40-50 employees.  Full Article

Norway's Kvaerner sees improved EBITDA margin in H2 2016
Thursday, 14 Jul 2016 

: Kvaerner Q2 EBITDA NOK 106 million (Reuters poll NOK 77 million) . Kvaerner Q2 operating revenue NOK 1.86 billion (Reuters poll NOK 2.10 billion) . Kvaerner Q2 pretax result NOK 28 million (Reuters poll NOK 54 million) . Says expects to see the outcome of some few target contracts during the second half of 2016 and through the next two years . Kvaerner end Q2 order backlog NOK 10.2 billion (NOK 12.1 billion at end Q1) .Says anticipates that the EBITDA margin for the second half of 2016 and for full year 2016 to be higher than in the corresponding periods last year.  Full Article

Kvaerner appoints Idar Eikrem new CFO
Tuesday, 5 Apr 2016 

Kvaerner ASA:Says Eiliv Gjesdal has decided to seek new challenges outside Kvaerner, and will step down from role as CFO as of April 6, 2016.He will work with special tasks until his notice period ends June 30, 2016.Idar Eikrem has been appointed as new executive vice president & CFO.  Full Article

Kvaerner signs framework agreement with Statoil for Njord A
Monday, 4 Apr 2016 

Kvaerner ASA:Has signed framework agreement with Statoil for upgrading of the Njord A semi-submersible platform.At the same time, Statoil has made the first call-off from the framework agreement with an estimated value of 120 million Norwegian crowns.Due to insufficient structural integrity for future operations and drilling, the Njord A Platform will be towed to shore in 2016.In addition, the yard-stay period will be used for a general upgrade of the platform.Project framework agreement (PFA) signed by Statoil and Kvaerner is based on a project execution plan, where Statoil at key milestones has the option to call-off the execution of further phases.First call-off from the frame agreement was made on April 4 for front-end engineering and design of project (FEED).Engineering will be executed by Aker Solutions MMO as a subcontractor in an integrated team with Kvaerner.  Full Article

UPDATE 1-Drugmaker Novo Nordisk looks to former oil boss to energise M&A

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