The stage is set for many sopekuklasjoner in oil circles and among analysts about Kvaerner sold or parts of the business reduced or discontinued.
Either way, the strategic review will probably affect the 3,000 employees in the Norwegian technology group.
The market reacted very positively to what is interpreted as a warning of a possible future sale. Kværner’s shares rose by almost 10 percent after the Oslo Stock Exchange opened Wednesday.
It’s Kjell Inge Rokke is central ownership of Kvaerner, which for several years has appeared as part of the large Aker conglomerate.
– The cost and competition for Kvaerner is an important part of the review, said Kvaerner spokesman Torbjørn Andersen told Aftenposten.
– Is there redundancies on the cards here?
– There is absolutely nothing in today’s announcement that points in this direction, says Andersen.
– Is Kvaerner review a result of slightly lower temperatures in the Norwegian offshore sector in the next two years?
– It is wrong to put our review directly in this context. However, it is fair to say that our measures must also be seen against the background of an increasingly fierce competition, even internationally, says Andersen.
– And now it can be speculated that Kvaerner are sold abroad
– We can not speculate on something like that. Such questions must correct our owners, says Andersen.
The Norwegian government is a major owner
If Kvaerner after a review may end on sale to interested technology giants in Norway or abroad, shall also the Norwegian government have a say in the matter. The state owns 30 percent of Aker Kværner Holding, while Aker owns 70 percent. It is Rokke himself, Aker controls. And Aker Kværner Holding is the largest shareholder in Kvaerner with around 40 percent of the shares.
Read also: Rokke and his wife have taken out a billion in three years.
Kvaerner board sent out Wednesday an extended account of plans to look at the whole business.
– The Board believes that this is an appropriate time to consider new opportunities that can promote the development of Kværner, writing board.
The company also writes:
“Kvaerner during the first half of 2014 delivered several major oil and gas projects on time, winning important new contracts and continue to work on implementing further cost improvements. The Board of Directors is pleased with how Kvaerner has built a strong position as a competitive supplier with wide recognition for delivering demanding oil and gas projects of high quality. “
Large order book
CEO Jan Arve Haugan Kvaerner says in the message that his group has built a record order book until 2013.
– While we managed to build a record order book until 2013, we also received valuable feedback from the oil companies after tender rounds winter half year ago. This accelerated implementation of improvements to increase productivity and reduce our own costs, says Haugan.
In recent months, several significant contracts for major projects in the offshore sector gone to foreign suppliers. The relatively high cost has been a great deal of the blame in the debate on the Norwegian offshore sector was going on in the corridors of the oil exhibition in Stavanger recently.
– On the right track
– The award of LOI in June for delivery of two jackets for the development of the Johan Sverdrup confirms that we are on the right track. The combination of established expertise and predictability, along with renewed competitiveness, positions us well for the future. We will now use this momentum to consider major changes to further strengthen the company’s competitive position, “said CEO at Kvaerner.
The company also points out that Kvaerner has competitors that are significantly larger than Kvaerner. In 2012 and 2013 the Kvaerner North American active hotter under the business area “Downstream & amp; Industrials »sold. The transaction led to Kvaerner now completely focused on delivery to the customer segment for the upstream oil and gas projects.
– Kvaerner has already two years working on an improvement in part to reduce costs and streamline deliveries, says Kvaerner Communications Andersen.
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