Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 October 8, 2015 - 1:00 AM EDT
Print Email Article Font Down Font Up
Kværner ASA: Kvaerner wins its third Johan Sverdrup jacket contract

8 October 2015 - Today Kvaerner signs the contract for delivery of the process platform jacket to the Johan Sverdrup field. With this award, Kvaerner will be delivering the three largest of the four steel substructures for Johan Sverdrup, in addition to one of the platform topsides. The value of today's contract is approximately NOK 1 billion.

The new delivery will include engineering, procurement and construction. The engineering will be performed at Kvaerner's offices in Oslo, and will start immediately. The project management will be based at Kvaerner's facility for complex jackets in Verdal. Prefabrication and assembly will also start here from the summer of 2016.

The process platform jacket will be delivered in the summer of 2018. The activity will be at its highest in the summer of 2017, when around 180 employees will be working on the project.

- The contract has been won in international competition and confirms Kvaerner's position as one of the industry's leading contractors of steel jacket substructures. The improvements we have implemented the last years enable us to offer new steel substructures to the same price as fifteen years ago. We will at the same time focus on  continuing to deliver with  safe execution, predictable schedule and agreed quality. The result is that we have a strong competitiveness combined with sound margins. I am pleased that our clients confirm that we are a contractor who offers an attractive combination of technological expertise and cost effectiveness, says Jan Arve Haugan, Kvaerner's President & CEO.

Today's award, together with the two previous contracts entered for delivery of jackets for Johan Sverdrup, reinforce the possibilities for strategic development of the expertise at the facility in Verdal in the years to come, and give good activity up until the summer of 2018.

- We are very pleased today! With contracts for delivery of the three biggest steel substructures to Johan Sverdrup in order backlog, Kvaerner has a good and predictable foundation as basis for continuous improvement and long-term planning in connection with further development of Kvaerner in Verdal. Based on long experience and particular attention to EPC project execution, we offer seamless integrated solutions to our clients. This, combined with long-term relations in the supplier's market, enable us to offer flexibility to our clients, says Sverre Myklebust, Executive vice president Jackets.

Kvaerner has delivered many of the world's most demanding offshore projects including the majority of Norway's offshore oil and gas platforms. The new steel substructure will be number 46 in a series of substructures from Kvaerner in the past 45 years.

Contract party is Kvaerner's wholly-owned subsidiary, Kværner Verdal AS.

Facts about the steel substructure for the process platform:
Contract:               EPC
Height:                  141.5 m
Load-out weight:    17 700 tonnes
Top elevation:       28 m x 80 m
Bottom elevation:  60 m x 80 m
Piles:                    20

A press conference will be held at 09:00 - 09.40 am at Kvaerner ASA's main office Fornebuporten, Oksenøyveien 10 at Fornebu outside Oslo.


Minister of Petroleum and Energy Tord Lien

Management from Statoil and Kvaerner, who will also sign the new contract

After the signing, the parties and the minister will be available for questions from the media.

Media representatives are asked to meet at 8:45 am in Kvaerner's reception. We kindly request attendees to register at the system in the lobby as visitors to Annette Hatlo Nedrelid / Kvaerner.


For further information, please contact:

Investor Relations: Ingrid Aarsnes, SVP Investor Relations & Communications, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364

Media: Torbjørn Andersen, VP Communications, Kvaerner, Mob: +47 928 85 542
Media: Tove Strand Trana, Communication Manager, Kvaerner, Jackets, Mob: +47 464 01 103

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 2 900 HSSE-focused and experienced employees are recognised for delivering some of the world's most amazing and demanding projects.
In 2014, the Kvaerner group had consolidated annual revenues of approximately NOK 14 billion and the company reported an order backlog at 30 June 2015 of NOK 17.7 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit

To subscribe or unsubscribe to our press releases, please see our web page: 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kværner ASA via Globenewswire


Source: Thomson Reuters ONE (October 8, 2015 - 1:00 AM EDT)

News by QuoteMedia