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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Next LCS to be Named USS Minneapolis/St. Paul

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship will be named USS Minneapolis/St. Paul (LCS 21). The future Minneapolis/St.

MSC Upgrades Europe-West Africa Service

As part of our objective to continually improve our services to customers, MSC is delighted to announce an upgrade to its Angola Express service with a first

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

Education/Training

Transas Expands ECDIS Training Network in China

The New Alliance Marine Training Center (NAMTC) has joined the Transas Global ECDIS Training Network (GET-Net), and shipping companies can now benefit from an ECDIS

Drilling Down into Risk Management

Afloat or ashore, we cannot eliminate risk, but it can be sensibly managed to a tolerable level. It begins with a hypothetical, but worryingly authentic, tale

Nominations Invited for BIMCO Awards

BIMCO, the world’s largest international shipping association is now calling for nominations for its prestigious awards, to be presented in Hamburg in November 2015.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Simulators 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: 0.4132 sec (2 req/sec)