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Kvaerner ASA (KVAER.OL)

KVAER.OL on Oslo Stock Exchange

24 Mar 2017
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Latest Key Developments (Source: Significant Developments)

Kvaerner wins Njord contract of around NOK 5 bln from Statoil
Friday, 17 Mar 2017 02:12am EDT 

Kvaerner Asa : Kvaerner to upgrade the Njord platform . Statoil has awarded kvaerner contract for complete upgrade of Njord A platform . Contract has an estimated value of around 5 billion Norwegian crowns ($588.22 million) and will amount to about 3 000 man-years . "This is one of the most important contracts in the market this year", says Jan Arve Haugan, CEO of Kvaerner . Haugan believes the award is a result of a higher degree of . cooperation between the oil companies and suppliers for improvements . The new contract was initiated when Statoil and Kvaerner 1 April 2016 signed a framework agreement for upgrading of the platform . Kvaerner has since signing of the frame agreement been awarded options for front-end engineering and design (FEED), yard stay at Kvaerner's Stord yard and a so-called pre-EPC . phase with a total value of NOK 500 million . With today's award, Statoil declares the main option in the agreement from April last year . Njord Future, which is the name of the project, is pioneering work in the sense that this is a production platform on the Norwegian Continental Shelf taken ashore for upgrading after being in operation since 1997 . The main project activities will take place at Kvaerner at Stord and Aker Solutions in Bergen . The Njord platform is scheduled to be delivered in the spring of 2020 . Kvaerner also has an option for the offshore hook-up when Njord A is back on the field.  Full Article

Aker Solutions wins NOK 1 bln Njord A contract from Statoil
Friday, 17 Mar 2017 02:10am EDT 

Aker Solutions Asa : Aker Solutions secures 1 billion Norwegian crowns ($117.64 million) in work for Njord A upgrade for Statoil . Aker solutions' share of work is valued at about nok 1 billion and will be booked in company's first-quarter orders . Aker Solutions will provide design engineering for the upgrading of the semi-submersible Njord A platform in Norway . The company will as a subcontractor of Kvaerner take part in upgrading the platform after operator Statoil exercised an option in an agreement awarded in April 2016 [nASN00061Y] . This is the largest offshore platform in Norway to have been brought to shore for a total upgrade," said Luis Araujo, chief executive officer of Aker Solutions . Aker Solutions' office in Bergen will execute the engineering work with support from the company's division in Oslo, working as part of an integrated team with Kvaerner . The work has already started and will at its peak involve about 330 Aker Solutions' employees .Delivery is scheduled for spring 2020.  Full Article

Norway's Kvaerner sees improved EBITDA margin in H2 2016
Thursday, 14 Jul 2016 12:59am EDT 

: 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 02:05am EDT 

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 01:40am EDT 

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

Kvaerner ASA: Cash payment of $70 mln to Kvaerner after final settlement with Foster Wheeler
Wednesday, 2 Mar 2016 02:13am EST 

Kvaerner ASA:Kvaerner North American Construction Inc. (Kvaerner NAC) reaches settlement agreement with Amec Foster Wheeler.This settlement concludes the arbitration awarded in Oct. 2015.This agreement also terminates the court proceedings instituted by Kvaerner NAC to confirm and Amec Foster Wheeler North America Corp's motion to vacate/modify the arbitration award.​.  Full Article

Kvaerner receives $74 mln cash payment, no impact on Q3 results
Monday, 19 Oct 2015 09:15am EDT 

Kvaerner ASA:Kvaerner North American Construction inc. Will receive $74 million in cash from Foster Wheeler North America Corporation.Award is not expected to have any material effect in Kvaerner's Q3 2015 accounts as award is in line with book value of claim.Financial effects of award are subject to other party not challenging award and are expected to be recognised in Kvaerner's accounts when final payment is received.  Full Article

Kvaerner ASA wins NOK 1 bln Statoil platform contract
Thursday, 8 Oct 2015 01:00am EDT 

Kvaerner ASA:Says wins its third Johan Sverdrup jacket contract.Contract value is about 1 billion Norwegian crowns.Says process platform jacket will be delivered in summer of 2018.  Full Article

Kvaerner raises FY 2015 revenue guidance; revises dividend policy
Thursday, 16 Jul 2015 01:01am EDT 

Kvaerner ASA:Raises expectations for FY 2015 revenues to 13 billion - 14 billion Norwegian crowns due to adjustments to project phasing and contributions from new contracts.Revises dividend policy to reflect a weaker market.New dividend policy is based on semi-annual dividend payments.Proposes semi-annual dividend of 0.15 crown per share.  Full Article

Kvaerner ASA, KBR JV wins Johan Sverdrup platform contract
Sunday, 7 Jun 2015 08:00pm EDT 

Kvaerner ASA:Kvaerner in a joint venture with KBR has signed a contract with Statoil for the complete delivery of the platform topside to the Johan Sverdrup field development.Agreement has an estimated total value for the Kvaerner- KBR partnership of about 6.7 billion Norwegian crowns.Detailed engineering will start immediately, while fabrication is expected to start spring 2016.Platform topside is scheduled to be delivered in Q1 of 2019.  Full Article

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