Gjesdal, VP & CFO of Kvaerner to Step Down
Kvaerner's executive vice president & CFO, Eiliv Gjesdal, has decided to seek new challenges outside Kvaerner, and will step down from the role as CFO as of 6 April 2016. He will work with special tasks until his notice period ends 30 June 2016. "Eiliv Gjesdal started as CFO in Kvaerner when the company was demerged from Aker Solutions in 2011. During a period of five years, he made significant contributions to Kvaerner's development and financial management. He has been an important part of our executive management team and has provided strong support to our colleagues.
Kvaerner, Statoil Ink Njord A Deal
Kvaerner has signed a framework agreement with Statoil, on behalf of Partners, for upgrading of the Njord A semi-submersible platform. At the same time, Statoil has made the first call-off from the framework agreement with an estimated value of NOK 120 million. "We are proud to have been awarded this project in tough competition. We believe it is a result of our extensive efforts to increase competitiveness, and it demonstrates a trust in our ability to deliver complex projects on time", says Jan Arve Haugan, President & CEO of Kvaerner.
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.
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…
Kvaerner Loses Statoil Contract, to Cut Costs
Norwegian engineering firm Kvaerner will initiate further cost cuts after losing a key Statoil contract to rival Aibel, it said on Tuesday. "We take this as a signal to not only step up the cost reduction measures in Kvaerner but we will also evaluate if we have to change our execution model and increase the use of subcontractors," Kvaerner Chief Executive Jan Arve Haugan said in a statement. "The scope of remaining contract opportunities in 2015 is not large enough to fill the capacity we have in the Topsides business area," Kvaerner added.
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.
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.
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.
Kvaerner Sells EPC Center Houston
Kvaerner has announced the signing of an agreement to sell its on-going downstream focused operations and related assets of the entity known as EPC Center Houston to IHI E&C International Corp, a US subsidiary of the Japanese company IHI Corporation (IHI). Kvaerner retains and will further develop all of its other businesses in North America, both the Houston based Kvaerner Field Development business focusing on offshore field development projects and Kvaerner North American Construction providing construction services and maintenance in the unionized areas of North America.
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.
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…
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.