Kvaerner Drops Plan To Dump Finnish Yards

Thursday, April 06, 2000
Kvaerner ASA has postponed a planned sale of its Masa-Yards Finnish shipbuilding unit in a new setback to its goal of exiting shipbuilding. Kvaerner said it had failed to find a right buyer for Masa-Yards, which specializes in building cruise ships and has an order reserve of $2.6 billion, and would instead concentrate on raising the unit's profitability. "Talks (about a sale of Masa) have not led to a satisfactory agreement," the company said in a statement. "As a consequence, Kvaerner will now concentrate on carrying out the improvement program set in place to obtain satisfactory results." Kvaerner said the decision would not affect its goal of cutting huge debts. Kvaerner had planned to sell Masa as part of a failed goal, set a year ago by new Kvaerner CEO Kjell Almskog, to dispose of all its shipyards by the end of 1999 in a sweeping restructuring. So far it has sold nine of 14 shipyards but still has to sell major businesses including Masa-Yards, Warnow in Germany and a yard in Philadelphia. It said it was closest to selling Philadelphia. "People would like to see Kvaerner selling out of this shipbuilding business," one analyst said. "It has to become more focused." But the fact that Kvaerner said its debts would not rise gave some support.

Shipbuilding

Matson Orders Two ConRo Ships from NASSCO

Matson Navigation Company, Inc., a subsidiary of container shipper Matson, Inc., has signed a contract with U.S. shipbuilder General Dynamics NASSCO to build two

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Heavy Lifting: Giant Pipe Racks Shipped for New FPSO

From Brazil to China and then back to Brazil, five pipe racks and three modules weighing a total of 1,871.51 metric tons and measuring 24,075 m³ will be transported

Offshore

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair
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: 0.0770 sec (13 req/sec)