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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Finance

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1363 sec (7 req/sec)