Marine Link
Sunday, September 25, 2016

Kvaerner Sells Fabrication Yard, Changes North Sea Strategy

March 22, 2000

Kvaerner is selling its U.K. Teesside fabrication yard and reducing its reliance on North Sea offshore business, a company official said. The decision to sell the 36-acre facility was a result of the company's shifting strategy, as U.K. and European construction yards faced bleak prospects from dwindling North Sea orders, the official said.

A handful of workers remain at the yard, which once employed 3,000, to help in the clear-up operations. The sale is expected to take at least three months. Kvaerner (KVAER.OL), which was badly burned last year after posting a record pre-tax loss, will be looking at subsea technology activities while expanding its business in the Gulf of Mexico and offshore Africa. It is seeking to shift a recent 80 percent dominance of North Sea offshore fabrication modules and a 20 percent involvement in subsea technology projects to an equal 50-50 split between the two.



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