Kvaerner Still Riding High Offshore in Q3 2013
Norway's Kvaerner (KVAER.OL) report higher operating revenues, higher earnings and higher EBITDA margin in the third quarter of 2013 compared to last year.
Kvaerner reported operating revenues of NOK 3 383 million in the third quarter 2013, compared to NOK 2 430 million in the third quarter of 2012. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 166 million, compared to NOK 109 million in the same quarter last year. The EBITDA margin was 4.9 percent, up from 4.5 percent in the third quarter 2012. The order backlog amounted to NOK 26.9 billion at the end of the third quarter.
"The activity in the third quarter has been very high on all projects. Our main focus is to deliver these projects as agreed with our customers. We have completed the last part of the Nordsee Ost project, which included 48 steel jackets for offshore windmills. Our capacity utilisation is very good through 2013 and into the first quarter of 2014," says Jan Arve Haugan, President & CEO of Kvaerner.
In addition to the high activity within project execution, Kvaerner is also in the process of implementing a series of initiatives to further strengthen efficiency and competitiveness.
In line with the dividend policy, a cash dividend of NOK 0.58 per share was paid in October 2013.
Full financial report available here: www.kvaerner.com