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Kvaerner ASA (KVAER.OL)

KVAER.OL on Oslo Stock Exchange

11.94NOK
14 Dec 2018
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Latest Key Developments (Source: Significant Developments)

Kvaerner Q3 profit down, says market outlook strong
Tuesday, 23 Oct 2018 

Oct 23 (Reuters) - Kvaerner ASA ::Q3 FIELD DEVELOPMENT EBITDA NOK 90 MILLION VERSUS YEAR-AGO NOK 262 MILLION.END-Q3 ORDER BACKLOG NOK 10.6 BILLION VERSUS NOK 11.2 BILLION AT END-Q2.Q3 GROUP OPERATING REVENUE NOK 1.76 BILLION VERSUS YEAR-AGO NOK 1.68 BILLION.Q3 GROUP EBITDA NOK 76 MILLION VERSUS YEAR-AGO NOK 245 MILLION.MAINTAINS FINANCIAL OUTLOOK FOR 2018, WITH GROSS ANNUAL REVENUES ABOVE 7 BILLION AND LOWER EBITDA-MARGINS FOR SECOND HALF YEAR COMPARED TO FIRST HALF.EBITDA MARGIN FOR Q4 IS EXPECTED TO BE SOMEWHAT LOWER THAN MARGIN FOR Q3.KVAERNER HAS NO INTEREST BEARING DEBT. CASH AND BANK DEPOSITS AT END OF Q3 WERE APPROXIMATELY NOK 2.9 BILLION..ALL CURRENT PROJECTS IN KVAERNER'S PORTFOLIO ARE ON TRACK.WHILE SOME OF SIGNIFICANT CONTRACTS KVAERNER HAS WON SO FAR IN 2018 WILL FIRST START TO YIELD EFFECTS ON RESULTS NEXT YEAR, THERE IS NOW A STRONGER MARKET OUTLOOK.IN PARTICULAR, THERE IS AN INCREASE IN NUMBER OF MEDIUM SIZED PROSPECTS. IT WILL TAKE SOME TIME BEFORE PROSPECTS ARE MIRRORED IN NEW CONTRACTS..KVAERNER EXPECTS IN SHORT TERM TO SEE CUSTOMERS DECIDE OUTCOME OF SOME FEW IMPORTANT PROSPECTS.DURING 2019, IT IS EXPECTED THAT SEVERAL KEY PROSPECTS WILL PASS IMPORTANT DECISION GATES AND MOVE FURTHER TOWARDS PROJECT SANCTIONING AND PROJECT EXECUTION.STRATEGY IS THAT WE OVER NEXT FEW YEARS GROW OUR ACTIVITY FROM TODAY'S LEVEL, AND WE NOW SEE A MARKET WHICH SUPPORTS THIS OBJECTIVE.  Full Article

BRIEF-Kvaerner Q3 profit down, says market outlook strong
Tuesday, 23 Oct 2018 

Repeats without changes to attach to additional alerts:Q3 FIELD DEVELOPMENT EBITDA NOK 90 MILLION VERSUS YEAR-AGO NOK 262 MILLION.END-Q3 ORDER BACKLOG NOK 10.6 BILLION VERSUS NOK 11.2 BILLION AT END-Q2.Q3 GROUP OPERATING REVENUE NOK 1.76 BILLION VERSUS YEAR-AGO NOK 1.68 BILLION.Q3 GROUP EBITDA NOK 76 MILLION VERSUS YEAR-AGO NOK 245 MILLION.MAINTAINS FINANCIAL OUTLOOK FOR 2018, WITH GROSS ANNUAL REVENUES ABOVE 7 BILLION AND LOWER EBITDA-MARGINS FOR SECOND HALF YEAR COMPARED TO FIRST HALF.EBITDA MARGIN FOR Q4 IS EXPECTED TO BE SOMEWHAT LOWER THAN MARGIN FOR Q3.KVAERNER HAS NO INTEREST BEARING DEBT. CASH AND BANK DEPOSITS AT END OF Q3 WERE APPROXIMATELY NOK 2.9 BILLION..ALL CURRENT PROJECTS IN KVAERNER'S PORTFOLIO ARE ON TRACK.WHILE SOME OF SIGNIFICANT CONTRACTS KVAERNER HAS WON SO FAR IN 2018 WILL FIRST START TO YIELD EFFECTS ON RESULTS NEXT YEAR, THERE IS NOW A STRONGER MARKET OUTLOOK.IN PARTICULAR, THERE IS AN INCREASE IN NUMBER OF MEDIUM SIZED PROSPECTS. IT WILL TAKE SOME TIME BEFORE PROSPECTS ARE MIRRORED IN NEW CONTRACTS..KVAERNER EXPECTS IN SHORT TERM TO SEE CUSTOMERS DECIDE OUTCOME OF SOME FEW IMPORTANT PROSPECTS.DURING 2019, IT IS EXPECTED THAT SEVERAL KEY PROSPECTS WILL PASS IMPORTANT DECISION GATES AND MOVE FURTHER TOWARDS PROJECT SANCTIONING AND PROJECT EXECUTION.STRATEGY IS THAT WE OVER NEXT FEW YEARS GROW OUR ACTIVITY FROM TODAY'S LEVEL, AND WE NOW SEE A MARKET WHICH SUPPORTS THIS OBJECTIVE.  Full Article

Norway's Kvaerner Q2 earnings lag forecast, order backlog beat
Wednesday, 11 Jul 2018 

July 11 (Reuters) - Kvaerner ASA ::KVAERNER END Q2 ORDER BACKLOG NOK 11.2 BILLION (REUTERS POLL NOK 10.8 BILLION) VERSUS NOK 11.1 BILLION AT END Q1.WE ARE NOW IN A PERIOD WITH LESS SIGNIFICANT EFFECTS FROM BONUSES AND INCENTIVES COMPARED TO RECENT QUARTERS.KVAERNER Q2 OPERATING REVENUE NOK 1.84 BILLION (REUTERS POLL NOK 1.87 BILLION).GOING FORWARD, WE EXPECT TO SEE CONTINUED QUARTERLY FLUCTUATIONS IN EARNINGS DUE TO PHASING OF PROJECTS, PROJECT PORTFOLIO MIX AND INCENTIVES..WE MAINTAIN OUTLOOK FOR 2018 WITH FULL YEAR GROSS REVENUE OF MORE THAN NOK 7 BILLION AND FULL YEAR EBITDA MARGINS LOWER THAN IN 2017.THERE IS A POTENTIAL FOR SIGNIFICANT GREEN FIELD PROJECTS IN THE BARENTS SEA AND INTERNATIONALLY..KVAERNER Q2 EBITDA NOK 91 MILLION (REUTERS POLL NOK 131 MILLION).KVAERNER EXPECTS THAT A NUMBER OF SMALLER AND MEDIUM SIZED PROSPECTS MAY BE DECIDED WITHIN THE NEXT 12 TO 24 MONTHS.KVAERNER Q2 ADJUSTED EBITDA NOK 102 MILLION.  Full Article

Kvaerner, Aker Solutions win joint NOK 3.4 bln Statoil contract
Thursday, 5 Apr 2018 

April 5 (Reuters) - Kvaerner Asa ::KVÆRNER ASA: KVAERNER AND AKER SOLUTIONS LETTER OF INTENT FOR JOHAN SVERDRUP PHASE 2.‍KVAERNER HAS IN A 50/50 JOINT VENTURE WITH AKER SOLUTIONS BEEN AWARDED A LETTER OF INTENT WITH STATOIL FOR MODIFICATIONS OF RISER PLATFORM AND FIELD CENTER FOR JOHAN SVERDRUP DEVELOPMENT​.‍TOTAL VALUE OF AGREEMENT IS AROUND NOK 3.4 BILLION, WHICH WILL BE SPLIT EQUALLY BETWEEN THE TWO​.‍AT PEAK, WORK WILL INVOLVE ABOUT 2 000 EMPLOYEES IN TWO COMPANIES AS WELL AS SUBCONTRACTOR PERSONNEL​.‍WORK WILL START IN Q2 OF 2018 AND WILL BE COMPLETED IN 2022​.  Full Article

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