Oslo, Norway
Oslo, Norway

Kværner was a Norway-based engineering and construction services company that existed between 1853 and 2005. In 2004, it was amalgamated to the newly formed subsidiary of Aker ASA - Aker Kværner, which was later renamed to Aker Solutions on 3 April 2008.Kværner re-emerged on 6 May 2011, when the EPC part of Aker Solutions took the Kværner name. The new Kværner company was listed on Oslo Stock Exchange on July 8, 2011. Wikipedia.

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PHILADELPHIA--(BUSINESS WIRE)--Philly Shipyard, Inc. (PSI), a wholly-owned subsidiary of Philly Shipyard ASA (Oslo: PHLY), is pleased to announce that it has initiated construction of up to four new, cost-effective and environmentally friendly containerships with deliveries in 2020 and 2021, and is actively promoting the formation of a new entrant into the containership trade between the U.S. mainland and Hawaii to operate these vessels. Presently, this trade route is serviced by only two carriers and is reliant in part on a group of near end-of-life steamships. In line with its business strategy, PSI has a successful track record of promoting the formation of new vessel owners in the Jones Act market, such as American Shipping Company and Philly Tankers. PSI is presently engaged in advanced discussions with a major U.S. shipping operator about establishing a new, financially strong carrier with a fleet of modern vessels to be built by PSI to support commerce between the U.S. West Coast and Hawaii. Several prominent investors and lenders in the U.S. shipping market have expressed interest in taking part in this opportunity. In addition, a highly regarded maritime leasing company has issued an indicative offer with preliminary terms for a bareboat charter structure. “We are excited to get started on building a new fleet of containerships for a new carrier in the Hawaii trade and are pleased to have received such positive feedback from well-known U.S. marine players and financing sources,” remarked Steinar Nerbovik, Philly Shipyard’s President & CEO. “Philly Shipyard has a strong track-record of building quality vessels for this trade, and we believe local communities can benefit greatly from the safe and reliable service provided by our modern, efficient and ‘green’ ships.” PSI has retained former senior U.S. shipping executives with significant experience in the Hawaii containership trade to assist with the initiative. These executives include John Keenan, who served in various key leadership roles at Horizon Lines, including as President and Chief Operating Officer from 2007-2011. When strict MARPOL/ECA emissions regulations take effect in 2020, several of the older steam powered vessels serving the Hawaii trade route today will be out of compliance without substantial, costly modifications. Even if these aging steamships are modified, they would be less reliable and carry significantly higher operating costs than modern vessels in areas such as fuel consumption and manning and maintenance requirements. PSI believes these circumstances create a unique opportunity for a new Jones Act carrier to enter the Hawaii containership trade with a fleet of cost-efficient and eco-friendly container vessels built by PSI. Furthermore, unless these new ships enter the Hawaii trade route starting in 2020, local commerce may be adversely impacted by the new emissions standards. For these reasons, PSI has begun construction of a new fleet of containerships, with planned delivery dates for the first pair in 2020 and the second pair in 2021. In order to support this timetable, PSI has commenced design work and procurement activities. The vessels are being designed to address the present market trends for larger sized containers, faster transit times and LNG fuel. PSI has initiated placing orders and making financial commitments on long-lead items. These modern containerships will be the direct continuation of the series of two similar 3,600 TEU Aloha class containerships with expected deliveries in 2018 and 2019 that PSI is presently constructing for the Hawaii containership trade. PSI believes that the operational benefits offered by series production with familiar ships, coupled with its historical access to vessel financing, places PSI in an advantageous position to build vessels for a new cargo liner service between the U.S. mainland and Hawaii. Philly Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Philly Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Aker Capital AS, which in turn is wholly-owned by Aker ASA. Aker is a Norwegian industrial investment company that creates value through active ownership. Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope: oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Aker BP, Aker BioMarine, Ocean Yield and Akastor. Philly Shipyard has delivered 26 vessels in its nearly 20 year history, including four vessels for use in the Hawaii containership trade which were delivered in 2003-2006. Currently, Philly Shipyard is building two 50,000 dwt tankers for a subsidiary of Kinder Morgan, Inc. (Hulls 027 and 028) and two 3,600 TEU containerships for use in the Hawaii trade for Matson Navigation Company, Inc. (Hulls 029 and 030). For more information on Philly Shipyard transactions and projects, please visit www.phillyshipyard.com. This press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Philly Shipyard ASA and its subsidiaries and affiliates (the "Philly Shipyard Group") lines of business. These expectations, estimates, and projections are generally identifiable by statements containing words such as "expects”, "believes”, "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Philly Shipyard Group’s businesses, oil prices, market acceptance of new products and services, changes in existing laws and governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Philly Shipyard ASA believes that its expectations and the information in this press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this press release. Neither Philly Shipyard ASA nor any other company within the Philly Shipyard Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the press release, and neither Philly Shipyard ASA, any other company within the Philly Shipyard Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the press release. Philly Shipyard ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the press release, other than what is required by law.


News Article | May 9, 2017
Site: globenewswire.com

Aker Solutions continued to deliver strong execution on major projects globally in the first quarter of 2017 and made good progress on improvement efforts that supported margins amid a sustained market slowdown. The company has completed more than two-thirds of a program to increase cost-efficiency across the business by at least 30 percent by the end of 2017. Its new, more streamlined organizational structure of five delivery centers became fully operational in the quarter. Good progress was made in integrating the Brazilian maintenance and modifications provider, C.S.E. Mecânica e Instrumentação Ltda., which Aker Solutions acquired in December to expand its services business in key markets. Building on this strategy, Aker Solutions in March also agreed to buy the Norwegian oil and gas assets of Reinertsen, Norway's third-largest offshore maintenance and modifications supplier. The transaction was completed in April. "We delivered yet another quarter with strong execution and improvement efforts that supported margins amid continued market challenges," said Luis Araujo, chief executive officer of Aker Solutions. "We also seized further opportunities to grow a world-class services business that will be well placed to take advantage of a market recovery." The company won NOK 4.6 billion in new orders in the quarter, including a front-end engineering and design (FEED) contract from Statoil for the second phase of the major Johan Sverdrup development and an order from Kvaerner to provide engineering for upgrading Statoil's Njord A platform in Norway. New orders also included a contract for the hook-up of the riser platform at the Johan Sverdrup field and a FEED order from VNG Norge for the North Sea Pil & Bue development. Aker Solutions continued to generate strong interest in its front-end engineering capabilities, winning 30 study awards for projects in Norway, the UK, the U.S., Australia and Malaysia. That is a continuation of the company's record number of 80 studies for all of 2016. "Our early-phase capabilities are playing a key role in bringing down costs and maximizing the overall value of field developments for our customers," said Araujo. "We're seeing an increasing tendency for our study and FEED work to be more closely tied to the potential next stages of a project - that is, the engineering, procurement and even construction and installation phases. This puts us in a stronger position to secure future work at these projects." The order backlog was NOK 30.7 billion at the end of the quarter, of which more than half was for projects outside Norway. Finances were solid, with a liquidity buffer of NOK 7 billion at the end of the period. Revenue decreased to NOK 5.2 billion in the quarter from NOK 6.5 billion a year earlier amid the global market slowdown and as some projects neared completion. Earnings before interest, taxes, depreciation and amortization were NOK 355 million in the quarter, compared with NOK 508 million a year earlier. The EBITDA margin was 6.9 percent versus 7.9 percent a year earlier. Excluding special items, the margin was 7 percent compared with 8 percent. Aker Solutions has two reporting segments: Projects and Services. Revenue in Projects declined to NOK 4.1 billion in the quarter from NOK 5.1 billion a year earlier amid generally lower market activity and on some projects nearing completion. The EBITDA margin contracted to 6.6 percent from 7.5 percent a year earlier. Revenue in Services fell to NOK 1.1 billion in the quarter from NOK 1.5 billion a year earlier, primarily driven by decreased activity for subsea services and a maturing production asset services portfolio. The EBITDA margin improved to 14.2 percent in the quarter from 10.2 percent a year earlier, helped by a favorable activity mix and strong operational performance. The outlook for oil services remains challenging as projects continue to be postponed amid a volatile oil-price environment. There are some signs of a recovery, particularly in the brownfield segment where oil companies are focusing on optimizing output from existing fields. Industry cost cuts are bringing down break-even costs on developments, which is expected to spur new investments and project sanctions this year. Increased demand for front-end engineering services is also an early indication of a pickup in activity ahead. Tendering activity is healthy and Aker Solutions is currently bidding for contracts totaling about NOK 50 billion. The majority of these are in the subsea area, where the company anticipates several greenfield projects to be awarded in the next 12 months. "While we continue to face market uncertainty, the signs of improving brownfield activity and expectations of key subsea projects moving forward bode well for 2018 activity levels," said Araujo. As previously indicated, the company continues to see overall revenue down by about 10-15 percent in 2017 from the prior year, with an anticipated modest pickup in activity in the field design segments of both Projects and Services that will be offset by weaker subsea volumes. Underlying EBITDA margins are seen slightly down from current levels due to a continued market slowdown and changing revenue mix. This will be partially offset by a continued strong momentum from the company's global improvement program. Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company employs approximately 14,000 people in about 20 countries. Go to http://akersolutions.com for more information on our business, people and values. This press release may include forward-looking information or statements and is subject to our disclaimer, see http://akersolutions.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


News Article | February 15, 2017
Site: globenewswire.com

15 February 2017 - Solid results through predictable project execution. Kvaerner delivered an adjusted EBITDA of NOK 219 million in the fourth quarter, and NOK 680 million for 2016. "Predictable project execution coupled with cost reductions and productivity improvements continue to be the key drivers behind our strong performance," says Kvaerner's President & CEO Jan Arve Haugan. Kvaerner delivered solid operational performance in fourth quarter, driven by successful execution and completion of milestones in the projects. The effect of better performance and improved project-portfolio mix has resulted in a higher margin compared to last year. In the fourth quarter 2016, total revenues, including jointly controlled entities (Field Development segment), amounted to NOK 2 378 million, compared to NOK 3 334 million in the fourth quarter last year. Adjusted EBITDA, including jointly controlled entities, ended at NOK 232 million (9.7 percent EBITDA margin), up from NOK 202 million (6.1 percent EBITDA margin) in the corresponding quarter in 2015. Net cash inflow from operating activities was NOK 244 million in fourth quarter. "During one and the same week in December, we flawlessly executed three very well planned, major operations. Common for all three - Hebron GBS, Njord A and the Johan Sverdrup riser platform jacket - was extremely high precision and safe execution. Delivery of such important parts of the complex projects predictably is the best possible marketing for new contracts," says Jan Arve Haugan. Order intake in the fourth quarter was NOK 768 million. Per 31 December 2016, Kvaerner's order backlog, including Kvaerner's scope of work of jointly controlled entities, was NOK 6 459 million, down from NOK 8 397 million at the end of the third quarter. "From 2014 to 2016, we improved our cost base for new projects with about 15 to 20 percent. From 2016 and into 2017, we continue the improvements. Our ambition is that we for new topside bids in 2017 have a cost base which is 20 to 25 percent lower than what we had three years ago. We see some important upcoming prospects in the market. The reduced cost base combined with a predictable delivery model will enhance our competitive position and should be seen as a strong enabler to increase our order book," says Jan Arve Haugan. Subsequent to the quarter, Kvaerner has been awarded a NOK 450 million contract for offshore hook-up of the Johan Sverdrup riser platform, plus a NOK 200 million decommissioning contract. Full year 2016 results Total operating revenues, including jointly controlled entities, were NOK 10 364 for the full year 2016, compared with NOK 14 917 in 2015. EBITDA, including jointly controlled entities, ended at NOK 741 million for the full year 2016 (EBITDA margin 7.1 percent), up from NOK 613 million for the full year 2015 (EBITDA margin: 4.1 percent). At the end of the year, Kvaerner's credit facilities were undrawn and net cash was NOK 3 billion. The Board of Directors has proposed no dividend distribution for second half of 2016. A robust balance sheet and cash position is important to maintain resilience through the challenging cycle and it should support the ambition to come out of the period with an even stronger business. The solid financial position is a competitive lever when positioning for new contracts. It also provides flexibility to pursue selected opportunities for strategic development. The full report and presentation can be downloaded from www.kvaerner.com and the links below. For further information, please contact: About Kvaerner: Kvaerner is a leading provider of engineering, procurement and construction (EPC) services, and delivers offshore installations and onshore plants for upstream oil and gas production around the world. Kvaerner ASA, through its subsidiaries and affiliates ("Kvaerner"), is an international contractor and preferred partner for oil and gas operators and other engineering and fabrication contractors. Kvaerner and its approximately 2 700 HSSE-focused and experienced employees are recognised for delivering some of the world's most amazing and demanding projects. In 2016, the Kvaerner group had consolidated annual revenues of close to NOK 8 billion and the company reported an order backlog at 31 December 2016 of NOK 6.5 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit www.kvaerner.com. To subscribe or unsubscribe to our press releases, please see our web page: http://www.kvaerner.com/en/toolsmenu/Media/Subscribe-to-releases/ This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.


Grant
Agency: European Commission | Branch: H2020 | Program: RIA | Phase: NMP-19-2015 | Award Amount: 7.97M | Year: 2016

The main goal of the LORCENIS project is to develop long reinforced concrete for energy infrastructures with lifetime extended up to a 100% under extreme operating conditions. The concept is based on an optimal combination of novel technologies involving customized methodologies for cost-efficient operation. 4 scenarios of severe operating conditions are considered: 1. Concrete infrastructure in deep sea, arctic and subarctic zones: Offshore windmills, gravity based structures, bridge piles and harbours 2. Concrete and mortar under mechanical fatigue in offshore windmills and sea structures 3. Concrete structures in concentrated solar power plants exposed to high temperature thermal fatigue 4. Concrete cooling towers subjected to acid attack The goal will be realized through the development of multifunctional strategies integrated in concrete formulations and advanced stable bulk concretes from optimized binder technologies. A multi-scale show case will be realized towards service-life prediction of reinforced concretes in extreme environments to link several model approaches and launch innovation for new software tools. The durability of sustainable advanced reinforced concrete structures developed will be proven and validated within LORCENIS under severe operating conditions based on the TRL scale, starting from a proof of concept (TRL 3) to technology validation (TRL 5). LORCENIS is a well-balanced consortium of multidisciplinary experts from 9 universities and research institutes and 7 industries whose 2 are SMEs from 8 countries who will contribute to training by exchange of personnel and joint actions with other European projects and increase the competitiveness and sustainability of European industry by bringing innovative materials and new methods closer to the marked and permitting the establishment of energy infrastructures in areas with harsh climate and environmental conditions at acceptable costs.


Payment date: On or about 6 March 2017 Other information:  The dividend is classified for accounting purposes as payment from retained earnings. Philly Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market.  It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Philly Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Aker Capital AS, which in turn is owned by Aker ASA. Aker is a Norwegian industrial investment company that creates value through active ownership. Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope:  oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Aker BP, Aker BioMarine, Ocean Yield and Akastor. This information is published in accordance with the requirements of the Continuing Obligations. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


News Article | February 17, 2017
Site: globenewswire.com

Philly Shipyard ASA: Key information relating to the cash dividend to be paid by PHLY Payment date: On or about 6 March 2017 Other information:  The dividend is classified for accounting purposes as payment from retained earnings. Philly Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market.  It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Philly Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Aker Capital AS, which in turn is owned by Aker ASA. Aker is a Norwegian industrial investment company that creates value through active ownership. Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope:  oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Aker BP, Aker BioMarine, Ocean Yield and Akastor. This information is published in accordance with the requirements of the Continuing Obligations. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


Patent
Kvaerner | Date: 2014-07-08

A method and system for oil production in remote deep-water areas, especially in areas where weather or ice conditions may require closing and removal of surface facilities and equipment. Processing of the produced oil from subsea oil wells is partly performed subsea on a subsea oil and gas production unit (10) called Deepwater Production System (DPS), whereas the remaining processing takes part on a vessel (1) that may be disconnected from the DPS if the conditions make it necessary. The method and system take advantage of combining and integrating subsea processing with processing at atmospheric pressure onboard the vessel.


A riser tensioner system and a wellbay structure for a floating unit or platform for deep/ultra-deep water field development. The riser tensioner system includes a first cassette, a second cassette, a tension joint, one or more centralizers, and a plurality of cylinders. The one or more centralizers provide lateral support to the tension joint. Each of the plurality of cylinders comprises a first end, a second end, and an intermediate portion. The first end of each of the plurality of cylinders is secured to the first cassette, and an intermediate portion of each of the plurality of cylinders is secured to the second cassette. The wellbay structure includes a plurality of transverse girders and a plurality of longitudinal girders. The girders form a grid comprising a plurality of slots. Each of the plurality of slots is configured for receiving and supporting a first cassette of each a riser tensioner assembly.


News Article | February 15, 2017
Site: globenewswire.com

«Fra 2014 til 2016 reduserte vi kostnadsbasen for nye prosjekter med rundt 15 til 20 prosent. Fra 2016 og inn i 2017, viderefører vi forbedringene. For nye tilbud på plattformdekk er vår ambisjon at vi i 2017 har en kostnadsbase som er 20 til 25 prosent lavere enn den vi hadde for tre år siden. Vi ser noen viktige muligheter i markedet i tiden fremover. Den reduserte kostnadsbasen i kombinasjon med en forutsigbar leveransemodell vil forsterke vår konkurranseposisjon og bør sees som et godt bidrag til å styrke vår ordrereserve», sier Jan Arve Haugan. Resultater for året 2016 De totale driftsinntektene, inkludert felleskontrollert virksomhet, ble 10 364 millioner kroner for 2016, sammenliknet med 14 917 millioner kroner i 2015. EBITDA, inkludert felleskontrollert virksomhet endte på 741 millioner kroner for 2016 (EBITDA-margin: 7,1 prosent), opp fra 613 millioner kroner i 2015 (EBITDA-margin: 4,1 prosent). Kværners kredittfasiliteter var ubenyttet ved utgangen av året og netto kontantbeholdning var på 3 milliarder kroner. Styret har foreslått og ikke dele ut utbytte for andre halvår 2016. En sterk balanse og kontantbeholdning er viktig gjennom en krevende markedssyklus og dette skal underbygge ambisjonen om å gå ut av perioden som et sterkere selskap. Den solide finansielle posisjonen er en konkurransefaktor i posisjoneringen mot nye kontrakter. Dette gir også fleksibilitet til å forfølge utvalgte muligheter for strategisk utvikling. To subscribe or unsubscribe to our press releases, please see our web page: http://www.kvaerner.com/en/toolsmenu/Media/Subscribe-to-releases/


News Article | February 15, 2017
Site: globenewswire.com

«Fra 2014 til 2016 reduserte vi kostnadsbasen for nye prosjekter med rundt 15 til 20 prosent. Fra 2016 og inn i 2017, viderefører vi forbedringene. For nye tilbud på plattformdekk er vår ambisjon at vi i 2017 har en kostnadsbase som er 20 til 25 prosent lavere enn den vi hadde for tre år siden. Vi ser noen viktige muligheter i markedet i tiden fremover. Den reduserte kostnadsbasen i kombinasjon med en forutsigbar leveransemodell vil forsterke vår konkurranseposisjon og bør sees som et godt bidrag til å styrke vår ordrereserve», sier Jan Arve Haugan. Resultater for året 2016 De totale driftsinntektene, inkludert felleskontrollert virksomhet, ble 10 364 millioner kroner for 2016, sammenliknet med 14 917 millioner kroner i 2015. EBITDA, inkludert felleskontrollert virksomhet endte på 741 millioner kroner for 2016 (EBITDA-margin: 7,1 prosent), opp fra 613 millioner kroner i 2015 (EBITDA-margin: 4,1 prosent). Kværners kredittfasiliteter var ubenyttet ved utgangen av året og netto kontantbeholdning var på 3 milliarder kroner. Styret har foreslått og ikke dele ut utbytte for andre halvår 2016. En sterk balanse og kontantbeholdning er viktig gjennom en krevende markedssyklus og dette skal underbygge ambisjonen om å gå ut av perioden som et sterkere selskap. Den solide finansielle posisjonen er en konkurransefaktor i posisjoneringen mot nye kontrakter. Dette gir også fleksibilitet til å forfølge utvalgte muligheter for strategisk utvikling. To subscribe or unsubscribe to our press releases, please see our web page: http://www.kvaerner.com/en/toolsmenu/Media/Subscribe-to-releases/

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