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.

The order intake in the fourth quarter totalled NOK 2 444 million compared to NOK 1 136 million in the fourth quarter 2011. At 31 December 2012, the order backlog amounted to NOK 21 262 million, which is a doubling from year end 2011.

"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.
 
Kvaerner is a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants.