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Aker Kvaerner News

16 Dec 2014

ABIS Projects Bags £1m Contracts

ABIS Projects has won a clutch of contracts worth around £1million over the next 15 months. The oil and gas project services consultancy has secured frame agreements and call-off contracts with ADTI, Hunting, Talisman Sinopec and North Sea newcomer, MOL. Aberdeen-based ABIS Projects is working with these new clients providing multi-discipline resources covering business strategy, acquisitions, risk, projects and management systems across the supply chain. Francis Kiernan, who acquired an interest in ABIS Projects earlier this year, said: “With the considerable drop in oil price, the focus in the North Sea once again turns to innovative ways of working which will deliver cost-efficiencies and greater value. A one size fits all approach is no longer sustainable.

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.

30 Apr 2013

Aker Enters TRS Agreement

Aker ASA entered a TRS (Total Return Swap) agreement with exposure to 1,500,000 shares in Aker Solutions ASA.  The expiration date of the TRS agreement is November 1, 2013 and the settlement price in the agreement is NOK 83.717325 share. Aker owns 70% of the shares in Aker Kvaerner Holding AS, which in turn owns 110,333,615 shares, representing 40.3% of the outstanding shares in Aker Solutions. The Norwegian government, through the Ministry of Trade and Industry, owns the remaining 30% of the Aker Kvaerner Holding shares.

11 Oct 2012

Aker Solutions Sells Remaining Ownership in Lewek Connector

AMC Connector AS, a joint venture between Aker Solutions and Emas Offshore Limited, has agreed to sell subsea construction and cable-lay vessel Lewek Connector (previously called AMC Connector) to Ocean Yield AS. In October 2010, Aker Solutions announced that it would sell its offshore construction and installation subsidiary Aker Marine Contractors to Ezra Holdings Limited (Ezra), which operates in the offshore construction market under the EMAS AMC brand name. As part of this transaction, Ezra agreed to acquire 50 percent of the shares in Lewek Connector's vessel owning company, AMC Connector AS. The divestment of Aker Marine Contractors marked the start of a restructuring of Aker Solutions…

16 Jun 2011

Kvaerner Announces Election of New Board Members

The Directors to Kvaerner's Board have been elected. From Kvaerner's first day of trading on the Oslo Stock Exchange in July 2011, the Board of Directors will consist of five shareholder-elected members as well as three members elected by Kvaerner's employees. The shareholder-elected members are Kjell Inge Røkke (chairman), Tore Torvund, Bruno Weymuller, Lone Fønss Schrøder and Vibeke Hammer Madsen. The employee-elected members are Rune Rafdal, Ståle Knoff Johansen and Bernt Harald Kilnes. Kjell Inge Røkke is an entrepreneur and industrialist, and has been a driving force in the development of Aker since the 1990s. Mr. Røkke owns 67.8 percent of Aker ASA through The Resource Group TRG AS.

24 Apr 2008

Aker Solutions Removes EPC-LNG From Backlog

The $665m  EPC-LNG contract was awarded to the joint venture (50/50) between Aker Solutions (formerly Aker Kvaerner) and IHI, Inc. (formerly Ishikawajima-Harima Heavy Industries) and announced in a stock exchange release 19 July 2006, pending the issue of a Full Notice to Proceed from Ingleside Energy Corporation. Not having received such a Notice to Proceed effects Aker Solutions' backlog by USD 330 million. As a result, Aker Solutions has decided to remove the contract from its order backlog with effect from first quarter 2008.

01 Apr 2008

Drilling Riser Contract to Aker Kvaerner

Aker Kvaerner has won a contract for the delivery of a complete deepwater marine drilling riser system with buoyancy package and associated equipment. The client, who is undisclosed, has also signed an agreement to buy an additional buoyancy package for a drilling riser system it purchased from Aker Kvaerner in 2007. Total contract value is approximately USD 50 million. The marine drilling riser system, to be used for a drillship, will come at a length of 7500 feet. It will be manufactured and delivered out of Aker Kvaerner's subsea manufacturing centre in . Delivery is scheduled for Q2 2010. Buoyancy modules will be manufactured by Phoenix Polymers International, a company which Aker Kvaerner acquired a controlling 50 per cent stake in June 2007.

31 Mar 2008

Aker Kvaerner Streamlines Operations

Aker Kvaerner launched an internal process that will lead to the creation of one, new business area that integrates the operations of its current Maintenance, Modifications and Operations business area (MMO) and Field Development business area (FD). The new business area will have nearly 8,500 own employees - including more than 2 300 engineers. "We do this to streamline our operations - to further sharpen our commercial edge to win new projects in new and current markets. This initiative will strengthen our ability to develop new business opportunities - and to deliver on our strategic targets," says Simen Lieungh, President & CEO at Aker Kvaerner. "The reorganization gives a leading engineering capability, with enhanced flexibility to further optimise our services offering and capacity.

14 Feb 2008

Aker Kvaerner Launches IOR Tool

Aker Kvaerner Launches the PodEx - a new, technology solution to the ever-growing challenge of maximizing oil and gas recovery from mature subsea fields. The PodEx is a module that integrates new functionality and instrumentation directly into the existing subsea control system. It is a cost-effective alternative that requires very little installation time. Its ultimate aim is to optimize production at brownfield developments and enhance environmental safety. The PodEx utilizes spare subsea electrical circuitry or co-existent power supplies to convey increased well and reservoir data to topside data acquisition systems for analysis. It is scalable and offers a transparent communication layer which is adaptable to any subsea application.

13 Feb 2008

Aker Kvaerner Acquires RR Offshore

Aker Kvaerner has entered into an agreement which gives full ownership of Finnish RR Offshore and ends the co-operation between Aker Kvaerner and its former Russian partner ST Holdings. As part of the agreement, Aker Kvaerner sells its shares in the Astrakhan Korabel yard to ST Holding. The parties have agreed to not disclose any transaction values. RR Offshore OY is a Finnish engineering and project management company with considerable experience in Russia and the North Caspian region. From before, Aker Kvaerner owned 26 per cent of the shares in the company. Aker Kvaerner is actively positioning itself for future projects in Russia and the Caspian region.

07 Feb 2008

Aker Kvaerner Signs Subsea Contract

Aker Kvaerner has been awarded its first subsea contract from Spanish oil company Repsol YPF. The deal is for the delivery of a subsea production system to the Montanzo and Lubina projects off the east coast of Spain. This is Aker Kvaerner's first subsea project in the region. Contract value is undisclosed. Scope of work includes engineering, procurement and construction of two subsea trees with control systems, connections and overtrawlable structures. The equipment will be delivered in Q1 2009. The project is based on Aker Kvaerner's Standard Configurable Tree (SCTTM) - a tree system configured from standardized, stocked core components, which offers significant reductions in lead times. The project will be managed out of Oslo, Norway.

01 Feb 2008

Aker Kvaerner $130m Contract from Daewoo Shipbuilding

Norwegian oil services group Aker Kvaerner said it has been awarded a drilling equipment contract from Daewoo Shipbuilding & Marine Engineering Co in Korea for an ultradeep drillship. Aker Kvaerner said the total contract is worth about $130m. The group said it will deliver a drilling equipment package including installation and commissioning supervision. The drillship is scheduled for delivery in the third quarter of 2011. Source: Thompson Financial

25 Jan 2008

Drydocks World Selects Foran

Drydocks World, a subsidiary of Dubai World, is an expanding international player in ship repair, conversion, new building and other marine related activities. Those in the Group at present include Drydocks World – Dubai, which is an amalgamation of Dubai Drydocks and Jadaf Dubai; Platinum Yachts FZCO and Platinum Yacht Management; Drydocks World – Singapore, formerly Pan United Marine and Drydocks World – Batam, a green field development in Indonesia. New building has been one of the key areas of focus for the Group. The Dubai yard in particular has seen many innovations.

25 Jan 2008

Aker Kvaerner, ExxonMobil Extend Contract

ExxonMobil Exploration and Production Norway AS has exercised a two year option in its term contract with Aker Kvaerner in Stavanger, Norway. The contract covers all ExxonMobil operated assets in the Norwegian Continental Shelf. "By exercising this option ExxonMobil show their satisfaction of the services Aker Kvaerner is delivering under this long term service agreement. We are very proud of being ExxonMobil's preferred supplier and that they recognise our company and our services as value adding to their operations", says Tore Sjursen, President of Aker Kvaerner Offshore Partner in Norway. Aker Kvaerner was awarded the Esso Broad Scope Services Agreement (BSSA) in 1998…

24 Jan 2008

Aker Kvaerner Secures Framework Agreement with Shell

Aker Kvaerner has signed a five-year partnership agreement with Shell U.K. Limited and A/S Norske Shell ('Shell') covering the provision, installation, commissioning and life-of-field support of subsea control systems in the North Sea. The framework agreement is signed for an initial five year period, with five optional one-year extensions. It could be worth between GBP 20 and 30 million over the first five years. The contract encapsulates the two companies' solid working relationship, which has been running since the late 1970s. The deal brings Aker Kvaerner Subsea's controls delivery and service, including aftermarket services, into one contract arrangement to ensure maximum efficiency in supporting Shell's projects.

17 Jan 2008

Aker Kvaerner Wins Contracts from Daewoo

Norwegian engineering, construction and technology group Aker Kvaerner ASA has secured two drilling riser systems contracts from Daewoo Shipbuilding & Marine Engineering. The contracts, worth $75m, cover complete deepwater marine drilling riser system with buoyancy package and associated equipment. The systems will be used for two drilling units under construction by Daewoo Shipbuilding & Marine Engineering. The drilling riser systems will be manufactured by Aker Kvaerner Subsea in Malaysia and delivered in 2010.

15 Jan 2008

Andersen Named Head of Corporate Communications for Aker

Torbjørn Andersen has been employed as head of Corporate Communications and Investor Relations in Aker Yards. Andersen comes from a position as head of Corporate Communications in Aker Kværner. Tore Langballe, head of Corporate Communications and IR has accepted a position as SVP Corporate Communications in PGS ASA. He will be succeeded by Mr Torbjørn Andersen. Andersen was head of Corporate Communications in Aker Kvaerner until 31 December 2007. Mr. Langballe has been with Aker Yards since 2004.

07 Jan 2008

Management Change in Aker Yards

Mr Leif Borge, CFO, has accepted a position as CFO in Aker Kvaerner ASA and will for that reason leave Aker Yards at the end of his notice period. Recruitment of his successor has been initiated. Mr Borge has been CFO of Aker Yards since 2002. Mr Julin says in a comment: "I would like to take this opportunity to thank Mr Borge for the excellent work he has put down for Aker Yards so far. He has been instrumental in developing the company into its current form, as a leading international shipbuilder with 21 000 employees. Since the listing at Oslo Stock Exchange in 2004, Mr Borge has been an important contributor to the company's growth."

19 Dec 2007

Aker Kvaerner Awarded Contract

BP Norway has awarded Aker Kvaerner a contract for tow and installation of a floating production storage and offloading unit (FPSO). The FPSO will be installed at the Skarv field in the North Sea. The total contract value is approximately NOK 300 million. The scope of work includes pre-installation of the 15 leg mooring system, tow from South Korea to Norway and transportation and installation of the FPSO. The work will be executed by the Aker Kvaerner subsidiary, Aker Marine Contractors. The new-built offshore construction vessel BOA SUB C, on long term charter for Aker Marine Contractors, will be used for the mooring pre-installation.

18 Dec 2007

Petrobras Selects Platform Design

Petrobras have selected an Aker Kvaerner design for the hull of its new semisubmersible production platform to be located offshore Brazil, at the Marlim Sul deep water field development. The design is a copy of the P-51 semisubmersible platform, developed by Aker Kvaerner for Petrobras in 2002. P-56 will be the third semisubmersible platform for Petrobras of this design. The new contract covers the additional licence as well as an option for utilizing technical assistance from Aker Kvaerner during the project.

14 Dec 2007

Aker Kvaerner Awarded Subsea Contracts in Brazil

Aker Kvaerner has been awarded two contracts from Petrobras to supply a total of three subsea manifolds for two of the Brazilian oil giant's projects offshore Brazil. Combined contract value is approximately USD 90 million. Aker Kvaerner Subsea in Brazil will design, manufacture and deliver two oil production manifolds for Petrobras' Albacora RWI project in the Campos Basin, and one gas export pipeline-end manifold to the Jubarte phase II project. All manifolds are designed and qualified for use at water depths up to 2000 metres. Work for both projects will be managed and completed from Aker Kvaerner Subsea's facility in Curitiba, Brazil. Deliveries are scheduled to start up in 2009 for the Albacora RWI project and in 2010 for Jubarte.

26 Nov 2007

Aker Kvaerner Signs Agreement with Woodside

Aker Kvaerner has signed a frame agreement with Woodside Petroleum Ltd to become the Australian oil and gas giant's preferred supplier of steel tube umbilicals. The contract could be worth between NOK 150 - 200 million annually. The frame agreement is awarded for a three year period with optional periods of one + one year and has the potential to support Woodside Petroleum Ltd with its proposed LNG developments. The agreement will make Aker Kvaerner's subsea division the main supplier of steel tube umbilicals to Woodside's field developments off the western coast of Australia. As part of the contract, Aker Kvaerner will be responsible for the design, manufacturing, testing, certification, delivery and installation support of the umbilical systems.

29 Nov 2007

Aker Kvaerner Gets Subsea Contract

StatoilHydro on behalf of the Morvin license group, awarded Aker Kvaerner a contract for the engineering, procurement and construction (EPC) of a complete subsea production system for StatoilHydro's Morvin field in the Norwegian Sea. The contract, worth approximately $181m is a testament to Aker Kvaerner's unique high-pressure/high-temperature (HPHT) subsea technology. The Morvin contract is an addition to the scope identified in the frame agreement signed by Aker Kvaerner and StatoilHydro in September this year. The subsea production system for the Morvin field will consist of two four-slot manifolds, three horizontal subsea trees, production control system, steel tube umbilicals, tie-in system and intervention tools.

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