the Case is updated.
the Oilservice and verftskonsernet Kvaerner announces Wednesday morning that the company’s revenue in the third quarter fell from 2,86 to 1,98 billion, measured against the same period last year.
at the same time increased the adjusted gross operating profit (EBITDA) from 148 to 248 million, which gave a marginhopp from 5,2 to 12,6 per cent.
the After-tax put the company back with 119 million, up from 95 million a year ago.
Margin reflects improvements in our ability to deliver predictable, which affected the results positively through to reach the scheduled milestones on several projects, ” says president and ceo of Kvaerner, Jan Arve Haugan.
In the quarter had Kværner a net cash flow of 407 million that came in from operations. This came to 19 million dollars (approximately 160 million) from the forsikringsoppgjøret after the old Longview project in the united STATES.
In the interim report writing Kværner now that they expect the operating margin (EBITDA) for the 2016 overall will be above last year’s margin of 4.4 per cent. Year-to-date is the margin 7.6 per cent.
Important Statoil-contract
While the entire kvaerner’s order intake in the first quarter of this year was based on the addition and additional orders on existing contracts, has now received fresh orders, including from Statoil.
20 PERCENT DONE: Kvaerner announces that they are now 20 percent done with two of the three stålunderstellene they will deliver to the Johan Sverdup field’s four platforms. Kvaerner has also secured the contract to build the topsides on the boligplattformen, worth approximately 6.7 billion.
the Company’s order book got a refill on a total of 1,05 billion in the quarter, among other things, be a contract (pre-EPC) from Statoil on the Njord A platform worth 350 million.
This was earlier in the year the rope to the kværner’s yard at Stord in connection with Statoil’s large oppgraderingsprosjekt called Njord Future. Statoil has not sanctioned the rebuilding of the aging platform yet, but Kvaerner has already secured work on a total of 470 million to investigate and review the, in addition to starting forhåndsarbeidet for an upcoming conversion.
Statoil-the contract is still not enough to avoid a sharp reduction in kvaerner’s order book, if we compare with the situation one year ago. When the company had orders worth 16,2 billion on the todo list.
Profitability at 50 dollars a barrel
In addition to the cutbacks in the workforce of 250 to 500 which was announced in 2015, announced Kvaerner in February that they turned again utbyttekranen as a part in strengthening the economic power. The company works with a comprehensive plan to bring down costs and become more efficient. Already now, they have cut costs so that the company can now deliver steel jackets for oil platforms for the same price as 10 years ago.
While the Kværner now, among other things, working with to complete his work for Shell and the onshore facility at Nyhamna, as well as the construction of the three plattformunderstell and one of the topsides for the Johan Sverdrup field, hunt the company also new opportunities.
the Problem is that many oil companies refuse to put in the time for many new projects, among other things, because you are working with to bring down the cost. Therefore, repeat Kværner message that they only expect “a limited number” of new projects in their segments until 2018.
Although there are so many major new developments are on the horizon, look Kværner opportunities to make contracts for, among other things FPSOer (floating production and lagringsfartøy) as well as unmanned wellhead platforms (“subsea on a stick”). This is among other things anything Lundin considering the Luno II-satellittutbyggingen by Edvard Grieg field.
As a result of effektiviseringsarbeidet and kostnadskuttene internally the last few years mean Kværner they can deliver such projects at a cost “that is attractive even with oil prices at levels around 50 dollars a barrel”.
– oil companies with new project plans seems to place more emphasis on selecting suppliers based on the ability to secure and predictable supplier on plan, quality and total price. However, there is still uncertainty related to the timing of new projects. We work with prospects that can ensure effective utilization of capacity in 2017, ” says Kvaerner ceo Jan Arve Haugan.
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