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

People & Company News

NAVCENT Commander Recognizes Journey of Hope Sailors

Commander, U.S. Naval Forces Central Command, U.S. 5th Fleet, Combined Maritime Forces, Vice Adm. John. W. Miller, recognized the accomplishments of three special-needs sailors from the Kuwaiti ship,

NYK Holds 8th Environmental Management Conference

NYK welcomed about 60 environmental supervisors from 47 NYK Group companies to the group’s annual Environmental Management Conference in Tokyo. NYK holds this

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

Offshore Energy

Wärtsilä Integrated Solutions for Maersk's AHTS Vessels

A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A.

Drillsearch Discovers Gas at Varanus South-1

Drillsearch Energy Limited announced a new wet gas discovery on the Western Cooper Wet Gas Fairway of the Cooper Basin. The Varanus South-1 well in PEL 513 (Drillsearch

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Salvage 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: 0.4654 sec (2 req/sec)