Kvaerner Announces First Quarter Results

Wednesday, May 15, 2002
Kvaerner announced its results for the three months ending March 31, 2002. Operating profit for the Kvaerner Group in the first quarter of 2002 amounted to $19 million, compared to a loss of $41.6 million in the previous quarter. Coming out of a difficult year in 2001, the Group has restored profitability. In the first quarter of 2002, three of the four business areas reported operating profits. Including $3.7 million of non-recurring costs related to the integration of former Aker Maritime units, operating profit in Aker Kvaerner was $9.7 million. Aker Maritime units were consolidated with effect from March. Kvaerner E&C (Engineering & Construction) reported an operating profit of $2.1 million, and Shipbuilding, $16 million. Kvaerner Pulp & Paper had an operating loss of $6.6 million during the period. The financial restructuring of the Group was successfully completed in the first quarter. Net interest-bearing debt was $113 million at the end of March. Several changes to the operational structure of the Group were completed, including the combination with the oil and gas units of Aker Maritime, the establishment of a jointly owned shipyard management company, and the move of the head office from London to Oslo. In May, further changes were introduced. Motivated by a wish to service its global and regional customers more effectively, Kvaerner announced that the oil and gas activities of Kvaerner E&C in Houston and Asia Pacific would be integrated with Aker Kvaerner. The change will allow Kvaerner E&C to address more clearly the needs of its customers and concentrate its efforts on improving its existing global operations.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Indonesia Expects Total to Decide on Mahakam within days

French oil firm TotalĀ  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Research Vessel Heincke: Serving Science for 25 years

7 July 2015. A quarter of a century old, with over 900,000 kilometres (488,842 nautical miles) logged and still on the cutting edge of science and technology:

Stena RoRo Charters Three Vessels

Stena RoRo has reached an agreement with the Finnish shipping company Godby Shipping to long-term charter their three RoRo vessels Misida, Misana and Miranda.

Finance

Indonesia Expects Total to Decide on Mahakam within days

French oil firm TotalĀ  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Asia-N Europe Container Freight Rates Jumps 60%

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose by 60.4 percent to $879 per 20-foot container (TEU) in the week ended on Friday,

Stena RoRo Charters Three Vessels

Stena RoRo has reached an agreement with the Finnish shipping company Godby Shipping to long-term charter their three RoRo vessels Misida, Misana and Miranda.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1461 sec (7 req/sec)