Kvaerner Order Backlog Triples

Press Release
Tuesday, May 07, 2013

At the end of Q1 2013 the Norwegian company's backlog totalled a record-high NOK 31.6 billion, including incorporated joint ventures.

Kvaerner, a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants, reported operating revenues of NOK 2 907 million in the first quarter 2013. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 103 million, resulting in an EBITDA margin of 3.5 percent.

"Our order backlog, when including the Hebron project, has nearly tripled over the last 12 months. It provides a robust platform to strengthen our competitiveness", says Jan Arve Haugan, President & CEO of Kvaerner.
 
Operating revenues in the first quarter 2013 amounted to NOK 2 907 million, compared with NOK 2 388 million for the first quarter 2012. This represents an increase of NOK 519 million or almost 22 percent.
 
EBITDA for the first quarter 2013 ended at NOK 103 million, down from NOK 159 million for the same quarter last year. The EBITDA margin for the first quarter 2013 was 3.5 percent compared to 6.7 percent in the corresponding period in 2012. The decrease in EBITDA reflects phasing of projects with some projects still not recognising margin, some just passing 20 percent completion and other projects awarded early in the market cycle. In the Upstream segment, early cycle projects with low contribution put pressure on the margin and it is uncertain whether the 2013 EBITDA margin will be within the normalised range of 5-10 percent. These projects are being phased out over the next year and gradual margin recovery is expected as they are replaced by more recent awards.
 
The order intake in the first quarter totalled NOK 13.7 billion compared to NOK 3.2 billion in the first quarter 2012. The order intake includes Kvaerner's share of the Hebron GBS project which was awarded in March 2013.
 
"Our focus is on execution of the current project portfolio to our customers' expectations and simultaneously improving our competitiveness. Substantial efforts are being made to reduce our own cost level and to improve our delivery model", Haugan concludes.
 
The objective of the dividend policy is to increase predictability of dividends to balance out the underlying volatility of earnings. The Annual General Meeting approved the proposed semi-annual dividend of NOK 0.55 per share, which was in accordance with the company's dividend policy.
 
 

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

People & Company News

Baltic Mercur II makes maiden voyage to Antwerp

This week Atlantic Ro-Ro Carriers (ARRC) celebrates the maiden voyage of the Baltic Mercur II via the port of Antwerp as part of their regular transatlantic service to the US Gulf.

USCG Provides Safety Tips to Paddlesports Enthusiasts

As the boating season unofficially begins, the 9th Coast Guard District is reminding paddlesport enthusiasts to take precautions to ensure safe trips and increase

USS George Washington Completes Carrier Qualifications

Carrier Air Wing (CVW) 5 and the Nimitz-class aircraft carrier USS George Washington (CVN 73) completed its carrier qualifications (CQ), May 23. CQ allows

Offshore

Mobil Says Oil Discovery off Guyana is 'Significant'

Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

Finance

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.

Offshore Energy

Mobil Says Oil Discovery off Guyana is 'Significant'

Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

Protea to Launch Heavy-Lift Cranes at Nor-Shipping

Protea, a global manufacturer of offshore handling equipment, will launch two types of heavy lift cranes at Nor-Shipping 2015 in Oslo, June 2-5. Tomasz Paszkiewicz,

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.4078 sec (2 req/sec)