Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Jan Arve Haugan News

20 Mar 2018

Løken Named CEO at Kvaerner

Karl-Petter Løken (Photo: Kvaerner)

Karl-Petter Løken has been appointed President and Chief Executive Officer (CEO) for the international contracting company Kvaerner. Løken succeeds Jan Arve Haugan, who left Kvaerner for a position at Aker Energy. Kvaerner's EVP & CFO Idar Eikrem will continue as interim CEO until Løken steps into the role this spring after ending his current position as head of Project Development for Lundin Norway. Since 1991, Løken has held positions in the oil and gas industry for companies like Statoil, Aker Solutions and Lundin Norway.

23 Feb 2018

CEO Haugan Leaves Kvaerner to Lead Aker Energy

Jan Arve Haugan resigns as President & CEO of Kvaerner, and from March 1, 2018, he will start his new role as CEO of the newly established oil company Aker Energy. Idar Eikrem, Executive Vice President and Chief Financial Officer in Kvaerner, is appointed interim CEO. Haugan has been President & Chief Executive Officer with Kvaerner since its demerger from Aker Solutions and stock listing in the summer of 2011. "Under Jan Arve Haugan's management, Kvaerner has developed into a leading, renowned oil service company with EPC services as our specialty. Competitiveness, project execution and, ultimately, the results, have continued to improve.

13 Feb 2018

Kvaerner Invests in New Quay at Stord

(Image: Kvaerner)

Kvaerner said it plans to invest NOK 370 million ($46.8 million) in a new quay at the company's facility at Stord. "The objective for this upgrade will be to make the facility more flexible. We invest now to strengthen our competitiveness, and this extension will position Kvaerner for deliveries of new solutions to both oil and gas projects and other market segments," said Kvaerner president & CEO, Jan Arve Haugan. The investment is subject to approval by Kvaerner's Board of Directors within a short period of time.

31 Mar 2016

Increased Norwegian Content for Johan Sverdrup Platform

Today, Kvaerner and its sub-contractors cut the first steel plates for the utility- and living quarters (ULQ) topside for the Johan Sverdrup field. The topside construction starts on schedule and budget. The Johan Sverdrup development is being executed with a high degree of Norwegian value creation. Kvaerner's efforts to improve competitiveness have resulted in a large portion of the work for the ULQ platform to be executed in Norway. This gives Kvaerner and Norwegian subcontractors a steady activity and also a continued high number of apprentices. In June 2015, Kvaerner in a joint venture with KBR won the contract for the complete delivery of the utility and living quarter (ULQ) topside.

16 Jul 2015

Dividend Changes as Kvaerner Q2 Earnings Beat Street

Norwegian oil services firm Kvaerner posted forecast-beating second-quarter core profit and lifted its 2015 revenue outlook, but also trimmed its dividend policy to reflect the weak oil market's impact on future earnings. The Oslo-listed firm, which builds large structures like platforms, is facing fierce competition as oil firms cut costs because of the slump in oil prices. "The industry is facing a challenging market, probably the most challenging market in 15 years," Chief Executive Jan Arve Haugan said at an investor presentation. "Oil companies say cost level must go down to agree on new investments. In our segment we see some prospects but we expect hard competition and there will be pressure on margins," he said.

16 Jul 2015

Kværner Reports Robust Performance

Growing order intake and activity level in a challenging market. Kvaerner's order intake in the second quarter was NOK 5 674 million, an increase from NOK 5 360 million in the same quarter last year. The company has also continued the high activity level with revenues for the quarter of NOK 3 125 million, an increase of 9 percent from the corresponding quarter last year. Kvaerner has a positive net cash position, a situation that is a particular strength in the current market. The Board has revised the dividend policy to reflect that retaining a solid balance sheet and cash position is a priority. Kvaerner has a portfolio of projects in different phases and with a relatively wide margin range under execution.

08 Jun 2015

Kvaerner, KBR JV wins Johan Sverdrup Deal

Kvaerner in a joint venture with KBR has signed a contract with Statoil for the complete delivery of the platform topside to the Johan Sverdrup field development. The agreement to deliver the deck for the utility and living quarter (ULQ) platform comes after a tough international competition, where Kvaerner-KBR presented the best overall bid. The agreement has an estimated total value for the Kvaerner- KBR partnership of approximately NOK 6.7 billion. The ULQ-platform is one of four platforms to the Phase One development of the Johan Sverdrup oil and gas field on the Norwegian continental shelf. Kvaerner-KBR joint venture will execute the engineering, procurement and construction (EPC) for the ULQ topside as one complete delivery.

11 Sep 2014

Kvaerner Taking Advice on Strategic Growth Alternatives

Kvaerner says it is exploring new strategic opportunities to further strengthen its business and has retained Greenhill & Co. International LLP to advise on evaluating all strategic alternatives. Kvaerner has during the first half of 2014 delivered several key oil and gas projects on schedule, won new key contracts and continued to implement cost reduction measures. The company's Board of Directors says it is pleased with how Kvaerner has built a strong position as a competitive contractor recognized for its high quality delivery of demanding oil and gas projects. The Board concludes that the time now is right to explore opportunities  to accelerate the  development of Kvaerner.

15 Aug 2014

Kvaerner, KBR Partner for Johan Sverdrup Contracts

Kvaerner and KBR, Inc. will establish a joint venture to competitively bid on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway, the companies announced. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore platforms with KBR's competence as an international offshore oil and gas contractor. "KBR sees Kvaerner as one of this industry's most experienced EPC contractor, particularly for demanding projects in Norway, including the Johan Sverdrup field," said Stuart Bradie, KBR President and Chief Executive Officer. The Johan Sverdrup field is one of Norway's largest offshore oil and gas fields, and it is expected that the first development phase will include four offshore platforms for a new field center.

15 Aug 2014

Kvaerner & KBR Ally on Offshore Rig Topside Bids

Kvaerner ASA says it is to establish a joint venture with KBR Inc. to bid competitively on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore platforms with KBR's competence as a leading international offshore oil and gas contractor. The Johan Sverdrup field is one of Norway's largest offshore oil and gas fields, and it is expected that the first development phase will include four offshore platforms for a new field center. "KBR sees Kvaerner as one of this industry's most experienced EPC contractor, particularly for demanding projects in Norway, including the Johan Sverdrup field," said Stuart Bradie, KBR President and Chief Executive Officer.

26 Jun 2014

Kvaerner in Big Statoil Offshore Platform Deal

Kvaerner says it has established a frame agreement with Statoil for delivery of steel jacket substructures to Statoil-operated fields. Based on this frame agreement, Statoil has signed a Letter of Intent (LoI) for Kvaerner to deliver two of the planned steel jackets to the Johan Svedrup development off the West Coast of Norway. Subject to all necessary approvals for the project to proceed, early estimates of the total value of the two jacket deliveries will be approximately NOK 3 billion. Johan Svedrup is located at a water depth of 120 meters off the West Coast of Norway Statoil is the operator for the field, and first development phase…

13 May 2014

Kværner Deliver Strong Q1 2014 Results

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. "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.

25 Oct 2013

Kvaerner Still Riding High Offshore in Q3 2013

Norway's Kvaerner 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.

07 May 2013

Kvaerner Order Backlog Triples

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.

13 Feb 2013

Kværner ASA : Q4 & Preliminary 2012 Results

Kværner reported operating revenues of NOK 2 930 million in the fourth quarter 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to NOK 119 million, resulting in an EBITDA margin of 4.1 percent. The order backlog amounted to NOK 21 262 million. "The record high order backlog provides a good foundation for the activity level over the next years. Furthermore, it provides us with a strong basis to optimise our execution and improve our competitiveness", says Jan Arve Haugan, President & CEO of Kvaerner. Operating revenues in the fourth quarter 2012 amounted to NOK 2 930 million, compared with NOK 3 004 million for the fourth quarter 2011. Full year operating revenues totalled NOK 10 748 million, compared with NOK 13 295 for the full year 2011.

13 Feb 2013

Kværner Profits Slip, Bulging Order Book

Kværner ASA issue fourth quarter and preliminary annual financial results 2012. Kvaerner reported operating revenues of NOK 2 930 million in the fourth quarter 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to NOK 119 million, resulting in an EBITDA margin of 4.1 percent. The order backlog amounted to NOK 21 262 million. Operating revenues in the fourth quarter 2012 amounted to NOK 2 930 million, compared with NOK 3 004 million for the fourth quarter 2011. Full year operating revenues totalled NOK 10 748 million, compared with NOK 13 295 for the full year 2011. The reduction from last year is mainly due to significant decrease in operating revenue from the International business area and the Downstream & Industrials segment.

12 Mar 2012

Kværner ASA Updates Verdal Accident Situation

Kværner ASA: Serious accident at Verdal: internal investigation completed. Kvaerner's internal investigation following from the serious crane accident at the Verdal yard 8 February 2012 has been completed and the main findings have been presented to the Police and the Norwegian Labour Inspection Authority. The investigation report examines the accident in detail, reviews the existing health and safety procedures in place for work at heights, and gives further recommendations to improve safety by specific measures and actions. This accident could have been avoided if more safety barriers had been in place, been more precise and been followed.

08 Mar 2012

Kvaerner Opens Office in Trondheim, Norway

Kvaerner has established an engineering office in Trondheim. The establishment will increase Kvaerner's capacity and competence to meet the future activities, and it is part of the company's jacket strategy in the oil and gas industry. Being close to the technology and research communities in the city, as well as the yard in Verdal, make Trondheim an attractive location for establishment and expansion. Trondheim is often referred to as the "technology capital." NTNU and Sintef hold much of the credit for this. The Norwegian University of Science and Technology educates around 80 percent of all engineers in Norway. "The market prospects are good, and the Verdal yard has for the past years invested in increased capacity.

04 May 2011

Haugan CEO of Kvaerner

Jan Arve Haugan has been appointed President and Chief Executive Officer (CEO) of Kvaerner. This new engineering, procurement and construction (EPC) company is being established through a demerger of Aker Solutions. Kvaerner will be separate and listed on the Oslo stock exchange, most likely in July this year. Jan Arve Haugan started his professional career in the Norwegian construction company F. Selmer (now part of Skanska), and in 1991 he joined the Norwegian industrial group Norsk Hydro as chief engineer for the Oseberg field development as a key task. Since then he has had leading positions in many of Hydro's oil and gas projects and operations.

06 May 2011

Eiliv Gjesdal Appointed CFO of Kvaerner

Eiliv Gjesdal has been appointed Chief Financial Officer (CFO) of Kvaerner. Gjesdal is following the appointment of Jan Arve Haugan as President and Chief Executive Officer (CEO). Gjesdal joined Aker Solutions in 2002 and has extensive experience from finance functions in Aker Solutions as well as a background as a state authorised public accountant. Gjesdal startet his carreer as an auditor with Arthur Andersen & Co working with large Norwegian companies. "We are very pleased with being able to appoint a CFO of Gjesdal's stature and experience to the management team of Kvaerner.

25 Aug 2011

Kvaerner, COOEC Complete Demo Platform Module

Kvaerner and COOEC have jointly invested in engineering and fabricating of a demonstration module to document the partners' combined capabilities for delivering new offshore oil and gas platforms. After the start of the engineering and procurement in January 2011, the fabrication of the module was completed and presented to business partners at the COOEC fabrication yard in Qingdao in China on 25 August 2011. The two international oil and gas contractors, Norwegian-based Kvaerner and COOEC (Offshore Oil Engineering Co., Ltd.), established a strategic cooperation in 2010. The partnership offers a new, competitive delivery model for upcoming offshore oil and gas projects in the Asia-Pacific region and elsewhere.

05 Oct 2011

Kvaerner Appoints Allen Executive VP

Kvaerner appointed Tony Allen as Executive Vice President for its International business area. Allen has more than 30 years of industry experience and has been part of the corporate management with several of the leading EPC contractors for the oil and gas industry, including SNC-Lavalin Inc., Humphries & Glasgow and Earl and Wright. He also worked as a Project Manager and Technical Director for Kvaerner in the 1990s. "We are pleased that we now have in place a manager with extensive experience within this area, and who will be able to further develop our international operations in line with our ambitions", says Jan Arve Haugan, President & CEO for Kvaerner. Mr. Allen is a British citizen, with hands-on experience from work in several different countries.