Kværner Deliver Strong Q1 2014 Results

Leading contractor for deliveries of complete upstream oil & gas offshore platforms and onshore plants, Norway's Kværner ASA, reports  operating revenues for the first quarter of 2014 wer NOK 3,489-million which is an increase of 31 percent compared to NOK 2 663 million in first quarter in 2013.

The high activity and good utilisation of resources continued in first quarter 2014. The order intake in the first quarter of NOK 1.3 billion included two completion contracts for the Aasta Hansteen project, in addition to some growth in existing contracts.

Jan Arve Haugan, President & CEO of Kvaerner commented:

"This is an industry with a high degree of visibility with respect to when new projects can be expected. We knew already one year ago that we would have 12 - 18 months with relatively few project awards. This has not been, and is not today, a big concern for us, as we a year ago had an order backlog of almost NOK 30 billion.

"At the end of first quarter of 2014, our order backlog was almost NOK 20 billion, which will be reflected in high activity level this year and next year. Simultaneously, there are many new projects up for bidding in 2014 and 2015. We are optimistic about Kvaerner's opportunities in our target markets."

The full report and presentation can be downloaded at www.kvaerner.com.