Kvaerner Taking Advice on Strategic Growth Alternatives
Kvaerner says it is exploring new strategic opportunities to further strengthen its business and has retained Greenhill & Co. International LLP to advise on evaluating all strategic alternatives. Kvaerner has during the first half of 2014 delivered several key oil and gas projects on schedule, won new key contracts and continued to implement cost reduction measures. The company's Board of Directors says it is pleased with how Kvaerner has built a strong position as a competitive contractor recognized for its high quality delivery of demanding oil and gas projects. The Board concludes that the time now is right to explore opportunities to accelerate the development of Kvaerner.
Aker Kvaerner Awarded Contract for White Rose Platform
Aker Kvaerner, part of the international oil services, engineering and construction, and shipbuilding Group, Kvaerner, announced that Husky Energy has awarded the joint venture comprising Aker Kvaerner (49 per cent) and its partner Peter Kiewit & Sons Co. (51 per cent), an EPC contract for the complete topside facilities for the White Rose FPSO, offshore Newfoundland, Canada. The contract has a value of approximately $400 million. The White Rose field will be developed with a production vessel, and the contract is regarded as a major milestone in Aker Kvaerner's strategy, for which the Canadian market is a key geographical area. All engineering…
FGH’s Newfoundland Sector Under New Ownership
Friede Goldman Halter, Inc. (FGH) announced today it has sold the assets of Friede Goldman Newfoundland, the company’s Canadian subsidiary located in the province of Newfoundland and Labrador Canada, to Peter Kiewit Sons Co. Ltd.The transaction is part of the continuing effort to restructure the company and facilitate its emergence from Chapter 11 bankruptcy. Bob Shepherd, Executive vice president, administration of FGH, commented, “ The sale of the assets of FGN is in the best interests of the company as it emerges from Chapter 11 bankruptcy protection. The transaction allows the company to reduce outstanding obligations.”
Local Yards Start to Feel the Impact
The U.S. Gulf of Mexico region is again poised to prosper, spurred by the buzz of activity surrounding the oil patch, and specifically the renewed vigor with which companies will explore and develop deepwater fields for the production of natural resources. Though the resumption of business at "full throttle" has taken perhaps a bit longer than many observers would have initially predicted, particularly given the continued high price of oil and gas and the "pro" oil industry political team occupying the White House, it is a safe bet that, at least for the next several years, the offshore oil business will ensure that the marine business in the GOM region is a prosperous one.
