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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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.


News Article | November 30, 2016
Site: globenewswire.com

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Endurance, the first of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc. This delivery is the 25th vessel built by PSI (formerly known as Aker Philadelphia Shipyard, Inc.). The next generation 50,000 dwt product tanker is based on a proven Hyundai Mipo Dockyards (HMD) design that also incorporates numerous fuel efficiency features, flexible cargo capability, and the latest regulatory requirements. The vessel has also received LNG Ready Level 1 approval from the American Bureau of Shipping (ABS). The 600-foot tanker has a carrying capacity of 14.5 million gallons of crude oil or refined products. "Today's delivery of our 25th vessel, aptly named the American Endurance, is a profound symbol of the shipbuilding legacy we have continued since re-opening in 1997. In collaboration with American Petroleum Tankers, we are proud of our contributions to renew the current tanker fleet with a more modern and environmentally friendly design.  This vessel, like all others, was built from the hands and hearts of 1,200 shipbuilders for future crew to operate safely and with the quality expected." The shipyard has commenced construction of three other 50,000 dwt tankers for APT and two 3,600 TEU containerships for Matson Navigation Company, Inc.  For more information on Philly Shipyard transactions and projects, please visit www.phillyshipyard.com. 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 II, which in turn is majority-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, Det norske oljeselskap, Aker BioMarine, Ocean Yield, Havfisk and Akastor. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


Grant
Agency: Cordis | 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.


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.


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.


Patent
Kvaerner | Date: 2010-11-11

A compact desalting system for use in a process of desalting crude oil comprises a plurality of separation stages. Each separation stage includes a compact electrostatic coalescer (42, 62) for coalescing water droplets carried with the crude oil and settling means (91, 92; 95, 96) for settling separated oil and coalesced water droplets. The system includes a vessel (46) comprising a plurality of compartments containing the settling means and the compact electrostatic coalescers are each mounted in a housing on top of the vessel.


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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