Kværner ASA: Kvaerner-KBR JV wins Johan Sverdrup platform contract
(Thomson Reuters ONE) -
8 June 2015 - 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 is one of four platforms to the Phase One development of the
Johan Sverdrup oil and gas field on the Norwegian continental shelf. Kvaerner-
KBR joint venture will execute the engineering, procurement and construction
(EPC) for the ULQ topside as one complete delivery. The agreement also includes
an option for commissioning assistance and offshore hook-up for the platform.
"The market has shown a strong interest in this contract, and Kvaerner and KBR
have won the contract in tough international competition. So far the Norwegian
supplier industry has won the main Johan Sverdrup contracts. It is good to see
that Statoil and the suppliers jointly are about to break the cost curve to
ensure competitive force in a tough time for the whole industry," says Margareth
Øvrum, executive vice president for Technology, Projects and Drilling in
Statoil.
Over the last decade, costs in the global oil and gas sector have increased
significantly, to the point where oil companies and their contractors are now
implementing changes aimed at sustainable cost reductions.
- This is another milestone in the industry's ongoing improvements. The success
of this process is based on close cooperation with our customers. Last year, the
turn-around of Kvaerner's business for steel substructures for platforms
resulted in a letter of intent for two jacket deliveries to Johan Sverdrup.
Today's agreement shows that also Kvaerner's business for platform topsides has
established a new competitive cost level. This strengthens our position for also
winning other projects. We will continue the drive to improve our costs,
productivity and competitiveness even further, in close dialogue with Statoil
and other clients", says Jan Arve Haugan, President & CEO in Kvaerner.
As part of a strategic development, Kvaerner has significantly reduced costs and
increased productivity throughout its businesses. The improvements include
changes to its cost base and work processes, as well as a more effective
cooperation with partners and subcontractors. The new contract is a result of
these efforts. Through the preparations for the Johan Sverdrup bid, Kvaerner and
KBR have established a model which leverages the compatible expertise in the
joint venture. The partners will therefore continue to also pursue other future
prospects, through a strategic relationship.
The Johan Sverdrup ULQ project will be executed as a 51/49 percent joint venture
between Kvaerner and KBR. Senior personnel in Kvaerner and KBR will work as
one, integrated project management team. Engineering for the topsides will be
executed in Leatherhead, UK with a joint team from Kvaerner and KBR. Procurement
activities for the project will be undertaken in both Norway and in the UK.
Kvaerner-KBR's project execution model includes a wide range of suppliers both
in Norway and around the globe. Apply Leirvik at Stord in Norway will be a
subcontractor for delivering the accommodation module. Fabrication of the
utility module will be done by subcontractors in Poland under management of
Kvaerner. Kvaerner's specialised facility at Stord will assemble, outfit and
assist in the commissioning of the topside.
Detailed engineering will start immediately, while fabrication is expected to
start spring 2016. The platform topside is scheduled to be delivered in the
first quarter of 2019. At peak in 2017, a total of 1 500 to 2 000 people will be
involved in the project execution. Contract partners are Kværner Stord AS and
KBR ltd.
-We have committed to deliver. Now we will deliver as committed, and all of us
in Kvaerner are today looking forward to get started. The new Johan Sverdrup
contract provides an important momentum for Kvaerner's move in to a new chapter
of more industrialised and cost effective project execution, says Haugan.
Invitation to contract signing ceremony and press conference today at 12:00
There will be an outdoor signing ceremony and press conference at Kvaerner Stord
at 12:00 today, with participation by Margareth Øvrum Statoil, Jan Egil
Braendeland, KBR and Jan Arve Haugan, Kvaerner. The press conference will be
held in Norwegian.
Media representatives who wish to attend are requested to register in advance to
Odd Naustdal, VP Communications, Kvaerner. Mob: +47 905 76 079 / Email:
odd.naustdal(at)kvaerner.com.
Illustration of the Johan Sverdrup utility and living quarters can be downloaded
below and is also available on www.kvaerner.com.
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, email: ir(at)kvaerner.com
Media:
Torbjørn Andersen, VP Communications, Kvaerner, Mob: +47 928 85 542,
email: torbjorn.andersen(at)kvaerner.com
Odd Naustdal, VP Communications, Kvaerner, Mob: +47 905 76 079, email:
odd.naustdal(at)kvaerner.com
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. Kværner 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 3 000 HSSE-focused and
experienced employees are recognized for delivering some of the world's most
amazing and demanding projects.
In 2014, the Kvaerner group had consolidated annual revenues of close to NOK 14
billion and the company reported an order backlog at 31 March of NOK 15.8
billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock
Exchange. For further information, please visit www.kvaerner.com.
To subscribe or unsubscribe to our press releases, please see our web page:
http://www.kvaerner.com/en/toolsmenu/Media/Subscribe-to-releases/
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Illustration of Johan Sverdrup utility and living quarters:
http://hugin.info/134981/R/1926825/691546.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1926825]
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