Kvaerner Profits Beat Estimates

Tuesday, April 24, 2001
Kvaerner beat market expectations with a jump in first-quarter profits, and the company reiterated opposition to a tie-up with Norwegian oil industry services rival Aker. Kvaerner, trying to recover from a wrenching 1999 restructuring, said pre-tax profits leapt to 151 million crowns ($16.66 million) in the quarter to March 31 from 10 million crowns in the same period of 2000. Net profits leapt to 110 million from 10 million. "We're not jumping for joy about it but with the starting point we've had this has to be a pleasant confirmation that we are on the right track," Chief Executive Kjell Almskog told a news conference. Operating profits were fractionally up to 261 million crowns from 259 million but were sharply up from 189 million when adjusted for a sale last year of Kvaerner's construction unit to Sweden's Skanska AB. Regarding the Aker link: "It is our view that this proposal...does not promote (Kvaerner's long-term strategy) and is not in the best interests of shareholders," Almskog said. Aker Maritime, controlled by Norwegian billionaire industrialist Kjell Inge Roekke, proposed a link-up with the shipping and oil and gas divisions of Kvaerner in February in a bid to confront widening global competition. Kvaerner said that its Oil and Gas division was the strongest performer in the first quarter with operating profits of 96 million crowns against six million in 2000. Profits for Kvaerner's other main division, Engineering and Construction, fell to 117 million from 166 million due to falling turnover. "Our top priority is to develop the two areas which we consider our core areas," Almskog said, adding Kvaerner wanted to become "a highly specialized supplier of industrial technology to the oil and gas and land-based industry". - (Reuters)
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Truckers to Strike Four SoCal Shippers

Truckers who haul freight from the ports of Los Angeles and Long Beach will go on strike against four ground-shipment companies on Monday, a Teamsters union official said,

Lagos Port Drags on Africa's Top Economy

Ruling party reforms improved Apapa port; shippers still face delays and corruption. The road leading to the Lagos port, which handles nearly everything that Africa's biggest economy imports,

PSA Commissions new Dammam Terminal

Saudi Global Ports LLC (SGP), a joint-venture company formed between the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia and PSA International (PSA)

Education/Training

Six Washington Students Earn Maritime Scholarships

The 11th annual Norm Manly Puget Sound Maritime (PSM) / Youth Maritime Training Association (YMTA) Maritime Educational Scholarship competition was held on Saturday,

DMA Announce New Requirements for Refresher Courses

On 1 January 2017, new regulations enter into force on refresher courses in the areas of maritime safety and fire-fighting. Therefore, the Danish Maritime Authority has issued a new order.

BHP Billiton Commemorates the Anzac Legacy

On the 100th anniversary of the Anzacs’ landing at Gallipoli, BHP Billiton has honoured the contribution of serving Australians and New Zealanders past and present

 
 
Maritime Contracts Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1451 sec (7 req/sec)