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.
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.
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…
