Kvaerner ASA, a Norwegian oil platform builder controlled by billionaire Kjell Inge Roekke, said it will explore new industrial partnerships or changes in its ownership after cutting costs and winning key contracts.
The board “is pleased with how Kvaerner has built a strong position as a competitive contractor recognized for its high- quality delivery of demanding oil and gas projects,” Oslo-based Kvaerner said in a statement. “The board concludes that the time now is right to explore opportunities to accelerate the development of Kvaerner.”
Roekke is shifting around his holdings as the industry struggles with stagnant oil prices and escalating costs. He is also in the midst of splitting oil-services and subsea company Aker Solutions ASA in two.
Kvaerner said today that while it had a record order backlog in 2013, it has accelerated efforts to boost productivity and reduce cost levels. The company earlier this year won a NOK3billion ($490million) contract to supply two platforms structures for Statoil ASA’s Johan Sverdrup find, the biggest discovery off Norway in decades.
The deal raised the chance that Kvaerner will be able to secure further contracts from Statoil for the field, including topside engineering, procurement and construction, chief executive officer Jan Arve Haugan said at the time.
“To take the next step to ensure Kvaerner’s long term growth and global competitiveness, we will consider further improvement initiatives, new industrial partnerships or changes to ownership structures, as well as a further streamlining of the products and services offered,” Leif-Arne Langoey, chairman of Kvaerner, said today in a statement.
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