Kvaerner sells EPC Center Houston
(Thomson Reuters ONE) -
12 July 2012 - Kvaerner announces today the signing of an agreement to sell its
on-going downstream focused operations and related assets of the entity known as
EPC Center Houston to IHI E&C International Corp, a US subsidiary of the
Japanese company IHI Corporation (IHI). Kvaerner retains and will further
develop all of its other businesses in North America, both the Houston based
Kvaerner Field Development business focusing on offshore field development
projects and Kvaerner North American Construction providing construction
services and maintenance in the unionized areas of North America.
Kvaerner has signed an agreement to divest the assets and the on-going
operations of EPC Center Houston for an undisclosed amount. All rights and
obligations under contracts for executed projects will be retained by Kvaerner.
Closing of the transaction is expected during the third quarter of 2012.
Kvaerner's EPC Center Houston and IHI have since 2004 cooperated closely as
joint venture partners, successfully developing a business focused on the
delivery of LNG terminals and oil and gas processing facilities in North
America. The new company comprises 170 employees including contract personnel
and will continue to be based in Houston.
"We are pleased to see that our joint venture partnership on several major
projects in North America has enabled the establishing of a new organisation,
positioning itself for further growth", says Jim Miller, Executive Vice
President for the downstream business in Kvaerner.
Only the on-going operations of EPC Center Houston are divested. Kvaerner will
keep all of its other businesses in North America; including the upstream
orientated Houston based Kvaerner Field Development office. The Houston office
focuses on offshore oil and gas projects and is specialised within concept
selection and conducts global engineering for semi-submersible and tension leg
platforms as part of Kvaerner's International business area. Kvaerner will also
keep the Kvaerner North American Construction (Union Construction) operations in
the US and Canada. The business being divested has no involvement in the
Longview project as this is a part of Kvaerner North American Construction's
responsibility.
"For both of the remaining operations, we have identified opportunities which we
are already actively pursuing. We will grow our engineering presence in Houston
as part of our international delivery model for offshore projects and further
develop our construction activities in unionized areas for our onshore
operations", says President & CEO in Kvaerner, Jan Arve Haugan.
About Kvaerner
Kvaerner is a specialised provider of engineering, procurement and construction
(EPC) services for offshore platforms and onshore plants. Kværner ASA, through
its subsidiaries and affiliates ("Kvaerner"), is an international contractor
that plans and realises some of the world's most demanding projects as a
preferred partner for upstream and downstream oil and gas operators, industrial
companies and other engineering and fabrication contractors.
About IHI Corporation
IHI is a global engineering, construction and manufacturing company with
approximately 27.000 employees in more than 10 manufacturing centres in Japan,
18 branches and sales offices in Japan, 14 offices and 142 subsidiaries
worldwide.
ENDS
For further information, please contact:
Media:
Liv Monica Stubholt, SVP Communications, Kvaerner, Tel: +47 22 94 69 03, Cell
phone: +47 916 50 523
Investor Relations:
Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Cell
phone: +47 950 38 364
About Kvaerner:
With more than 3 200 HSE-focused and experienced employees, Kvaerner is a
specialised provider of engineering, procurement and construction (EPC) services
for offshore platforms and onshore plants. Kvaerner ASA, through its
subsidiaries and affiliates ("Kvaerner"), is an international contractor that
plans and realises some of the world's most demanding projects as a preferred
partner for upstream and downstream oil and gas operators, industrial companies
and other engineering and fabrication contractors.
In 2011, the Kvaerner group had aggregated annual revenues of more than NOK 13
billion and the company had an order backlog at 31 December 2011 of more than
NOK 10 billion. Kvaerner was publicly listed with the ticker "KVAER" at the Oslo
Stock Exchange on 8 July 2011. For further information, please visit
www.kvaerner.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kværner ASA via Thomson Reuters ONE
[HUG#1626315]
Unternehmensinformation / Kurzprofil:
Datum: 12.07.2012 - 17:00 Uhr
Sprache: Deutsch
News-ID 164929
Anzahl Zeichen: 5536
contact information:
Town:
Fornebu
Kategorie:
Business News
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