Kværner ASA: Longview project arbitration award
(Thomson Reuters ONE) -
19 October 2015 - Kvaerner North American Construction, Inc. (a subsidiary of
Kvaerner) received the award from the arbitration proceedings against Foster
Wheeler North America Corporation related to the Longview project delivered in
2011. Under the award, Kvaerner North American Construction Inc. will, receive
USD 74 million in cash from Foster Wheeler North America Corporation.
The award is not expected to have any material effect in Kvaerner's third
quarter 2015 accounts as the award is in line with the book value of the claim.
The financial effects of the award are subject to the other party not
challenging the award and are expected to be recognised in Kvaerner's accounts
when final payment is received.
ENDS
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
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 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.
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#1959760]
Unternehmensinformation / Kurzprofil:
Datum: 19.10.2015 - 15:09 Uhr
Sprache: Deutsch
News-ID 427801
Anzahl Zeichen: 2957
contact information:
Town:
Oslo
Kategorie:
Business News
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"Kværner ASA: Longview project arbitration award"
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