Aker Energy Issues Bonds to AFC
Aker Energy Ghana, a subsidiary of Norwegian-based oil exploration and production firm Aker Energy AS, has entered into an agreement to issue $100 million of convertible subordinated bonds to Africa Finance Corporation (AFC).AFC also intends to take part in future capital market activities, said a press release.Aker Energy has issued subordinated convertible bonds to AFC of $100 million. The bonds have a coupon of 5.5% per year and will be converted to equity in the event of an Initial Public Offering (IPO) of Aker Energy…
Aker Energy Hits Oil Offshore Ghana
Aker Energy, as the operator of the Deepwater Tano Cape Three Points (DWT/CTP) block, announced Monday that it encountered oil in the Pecan South-1A well south of the main Pecan field offshore Ghana.Aker Energy said it is in the process of analyzing the well result and will commence further drilling to verify the volume estimate. These volumes will be an addition to the gross contingent resources (2C) from the existing discoveries in the area, previously estimated to 450-550 mmboe.Aker Energy is the operator of the DWT/CTP block with a 50% participating interest.
Aker Energy Hits Oil in Ghana
The operator of the Deepwater Tano Cape Three Points (DWT/CTP) block, Aker Energy, has announced the near-completion of a successful drilling operation of the Pecan-4A appraisal well offshore the Western Region of Ghana.This, the Chief Executive Officer at Aker Energy, Jan Arve Haugan, said has been successfully proven, adding "We are pleased to announce the well results, confirming our understanding of the area, as well as the resource base and upside potential in…
Aker Energy to Start Ghana Drilling in Oct
Norwegian oil firm Aker Energy will delay submitting a plan for development of its block off Ghana until early next year in order to first complete appraisal drilling, expected to start in October, its chief executive said on Thursday.The unlisted firm, controlled by Norwegian billionaire Kjell Inge Roekke, bought a 50-percent stake in Ghana's Deepwater Tano Cape Three Points block from Hess for $100 million in February.Aker had initially intended to summit a development plan in the second half of 2018…
Løken Named CEO at Kvaerner
Karl-Petter Løken has been appointed President and Chief Executive Officer (CEO) for the international contracting company Kvaerner. Løken succeeds Jan Arve Haugan, who left Kvaerner for a position at Aker Energy. Kvaerner's EVP & CFO Idar Eikrem will continue as interim CEO until Løken steps into the role this spring after ending his current position as head of Project Development for Lundin Norway. Since 1991, Løken has held positions in the oil and gas industry for companies like Statoil, Aker Solutions and Lundin Norway.
CEO Haugan Leaves Kvaerner to Lead Aker Energy
Jan Arve Haugan resigns as President & CEO of Kvaerner, and from March 1, 2018, he will start his new role as CEO of the newly established oil company Aker Energy. Idar Eikrem, Executive Vice President and Chief Financial Officer in Kvaerner, is appointed interim CEO. Haugan has been President & Chief Executive Officer with Kvaerner since its demerger from Aker Solutions and stock listing in the summer of 2011. "Under Jan Arve Haugan's management, Kvaerner has developed into a leading, renowned oil service company with EPC services as our specialty.
Kvaerner CEO: Prepared to Take Part in Consolidation
CEO Jan Arve Haugan of offshore engineering and construction firm Kvaerner says the firm is prepared to take part in consolidation due to an uncertain market outlook and low capacity utilisation. * CEO says development in oil price is key variable for activity.
Kvaerner Reports Robust 3Q Results in Challenging Market
Kvaerner increased the adjusted EBITDA margin to 12.6 percent for the third quarter, up from 5.2 percent in the same period last year and 5.7 percent in the previous quarter. "The margin reflects our improvements and ability to deliver predictably, which affected the results positively through reaching planned milestones on several projects," says Kvaerner's President & CEO Jan Arve Haugan. Kvaerner's efforts to improve costs, quality, productivity and competitiveness are currently yielding results on the current portfolio of projects.
Kvaerner, Statoil Ink Njord A Deal
Kvaerner has signed a framework agreement with Statoil, on behalf of Partners, for upgrading of the Njord A semi-submersible platform. At the same time, Statoil has made the first call-off from the framework agreement with an estimated value of NOK 120 million. "We are proud to have been awarded this project in tough competition. We believe it is a result of our extensive efforts to increase competitiveness, and it demonstrates a trust in our ability to deliver complex projects on time", says Jan Arve Haugan, President & CEO of Kvaerner.
Increased Norwegian Content for Johan Sverdrup Platform
Today, Kvaerner and its sub-contractors cut the first steel plates for the utility- and living quarters (ULQ) topside for the Johan Sverdrup field. The topside construction starts on schedule and budget. The Johan Sverdrup development is being executed with a high degree of Norwegian value creation. Kvaerner's efforts to improve competitiveness have resulted in a large portion of the work for the ULQ platform to be executed in Norway. This gives Kvaerner and Norwegian subcontractors a steady activity and also a continued high number of apprentices.
Dividend Changes as Kvaerner Q2 Earnings Beat Street
Norwegian oil services firm Kvaerner posted forecast-beating second-quarter core profit and lifted its 2015 revenue outlook, but also trimmed its dividend policy to reflect the weak oil market's impact on future earnings. The Oslo-listed firm, which builds large structures like platforms, is facing fierce competition as oil firms cut costs because of the slump in oil prices. "The industry is facing a challenging market, probably the most challenging market in 15 years," Chief Executive Jan Arve Haugan said at an investor presentation.
Kværner Reports Robust Performance
Growing order intake and activity level in a challenging market. Kvaerner's order intake in the second quarter was NOK 5 674 million, an increase from NOK 5 360 million in the same quarter last year. The company has also continued the high activity level with revenues for the quarter of NOK 3 125 million, an increase of 9 percent from the corresponding quarter last year. Kvaerner has a positive net cash position, a situation that is a particular strength in the current market.
Kvaerner, KBR JV wins Johan Sverdrup Deal
Kvaerner in a joint venture with KBR has signed a contract with Statoil for the complete delivery of the platform topside to the Johan Sverdrup field development. The agreement to deliver the deck for the utility and living quarter (ULQ) platform comes after a tough international competition, where Kvaerner-KBR presented the best overall bid. The agreement has an estimated total value for the Kvaerner- KBR partnership of approximately NOK 6.7 billion. The ULQ-platform…
Kvaerner 1Q Growth Continues Despite Odds
High revenues continued in spite of challenging markets. Kvaerner continued the high activity also in the first quarter of 2015 and revenues ended at NOK 3 525 million. The order intake was good in spite of the challenging markets, which enabled Kvaerner to maintain the order backlog level from year-end. In addition to focusing on predictable execution of ongoing projects, Kvaerner also continues to prioritise measures to reduce costs and improve competitiveness for upcoming projects.
Kværner: Edvard Grieg Topside Ready
The 22 000 tonnes topside for the new offshore platform for the Edvard Grieg field is ready for delivery, in line with the contract awarded three years ago. Hence, the project is in an exceptional case with respect to avoiding costly delays or quality challenges. Lundin Norway is the operator of the field and ordered the topside as a complete EPC delivery from Kvaerner in 2012. In addition to delivering the topside as agreed, the project also had a high share of work performed in Norway.
Kvaerner Loses Statoil Contract, to Cut Costs
Norwegian engineering firm Kvaerner will initiate further cost cuts after losing a key Statoil contract to rival Aibel, it said on Tuesday. "We take this as a signal to not only step up the cost reduction measures in Kvaerner but we will also evaluate if we have to change our execution model and increase the use of subcontractors," Kvaerner Chief Executive Jan Arve Haugan said in a statement. "The scope of remaining contract opportunities in 2015 is not large enough to fill the capacity we have in the Topsides business area," Kvaerner added.
Kværner 4Q 2014 Results
Stable margins, positive development of competitive power. The high activity level in Kvaerner continued in the fourth quarter. Revenues for the full year reached a record high of NOK 17.5 billion, including Kvaerner's share of jointly controlled entities. Simultaneously with the execution of parallel projects, the company implemented several measures to reduce cost level and improve competitiveness ahead of bids for key contracts in 2015. Earnings before Interest…
Kvaerner Taking Advice on Strategic Growth Alternatives
Kvaerner says it is exploring new strategic opportunities to further strengthen its business and has retained Greenhill & Co. International LLP to advise on evaluating all strategic alternatives. Kvaerner has during the first half of 2014 delivered several key oil and gas projects on schedule, won new key contracts and continued to implement cost reduction measures. The company's Board of Directors says it 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.
Kvaerner, KBR Partner for Johan Sverdrup Contracts
Kvaerner and KBR, Inc. will establish a joint venture to competitively bid on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway, the companies announced. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore platforms with KBR's competence as an international offshore oil and gas contractor. "KBR sees Kvaerner as one of this industry's most experienced EPC contractor, particularly for demanding projects in Norway…
