Kværner Deliver Strong Q1 2014 Results

Posted by George Backwell
Tuesday, May 13, 2014
Topside construction: Image credit Kværner

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.
 

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

People & Company News

Danny Broad Appointed to ARENA Board

The Chair, Board members and staff of the Australian Renewable Energy Agency (ARENA) are delighted to advise that Danny Broad has been appointed by the Australian Government to the Board of ARENA.

Monitoring U.S. Troops Returning from Ebola Mission

Secretary Hagel has signed an order that validated a recommendation from the Joint Chiefs of Staff to place all U.S. military service members returning from

Danaos Corp. 3Q & 9M Results

Danaos Corporation, a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2014. Highlights for

Shipbuilding

Hyundai Heavy Plummets to Worse Loss Ever

South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, slid to a record quarterly loss of $1.8 billion and warned it's heading for its

Maersk Interceptor Named in Norway

In a ceremony held at GMC Marine Partners yard in Mekjarvik in Norway, Mrs. Anita Utseth, Senior Vice President in Det norske oljeselskab ASA (Det norske) had

Fincantieri & Vittoria Shipyard Join Forces

During the 24th edition of Euronaval, the most prestigious event in the world for naval defense, Fincantieri, one of the major shipbuilding groups worldwide, and Vittoria Shipyard,

Finance

Hyundai Heavy Plummets to Worse Loss Ever

South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, slid to a record quarterly loss of $1.8 billion and warned it's heading for its

Danaos Corp. 3Q & 9M Results

Danaos Corporation, a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2014. Highlights for

US Natgas Exports Would Raise Energy Prices but Boost Economy

Expanded U.S. liquefied natural gas exports would mean a modest price increase for domestic consumers, but the higher costs would be offset by a boost to the economy, the U.

Offshore Energy

First Libra Offshore Oil Well Confirms Discovery

Libra consortium reports that drilling the first well in the area extension of Libra, the 3-BRSA-1255-RJS (3-RJS-731), confirmed the discovery of good quality

Maersk Interceptor Named in Norway

In a ceremony held at GMC Marine Partners yard in Mekjarvik in Norway, Mrs. Anita Utseth, Senior Vice President in Det norske oljeselskab ASA (Det norske) had

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Underwater Engineering

First Libra Offshore Oil Well Confirms Discovery

Libra consortium reports that drilling the first well in the area extension of Libra, the 3-BRSA-1255-RJS (3-RJS-731), confirmed the discovery of good quality

Maersk Interceptor Named in Norway

In a ceremony held at GMC Marine Partners yard in Mekjarvik in Norway, Mrs. Anita Utseth, Senior Vice President in Det norske oljeselskab ASA (Det norske) had

Chevron Sanctions Stampede Project

Chevron Corporation announced today that its subsidiary, Union Oil Company of California (Union), has reached a final investment decision to proceed with the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1383 sec (7 req/sec)