Kværner ASA: 1st quarter 2017 - Steady performance, solid order intake
(Thomson Reuters ONE) -
8 May 2017 - Kvaerner maintained steady performance and delivered a solid order
intake in the first quarter of 2017. The company delivered an adjusted EBITDA of
NOK 105 million, versus NOK 106 million in the same quarter last year. In spite
of the challenging market, the order intake in first quarter amounted to NOK
6.6 billion. With that, the order backlog has increased to NOK 10.8 billion. "We
have a predictable performance in all segments of our business, we have
strengthened our competitiveness and we have an order book which provides
improved visibility. Kvaerner is well positioned to pursue further opportunities
in the market we see ahead", says Kvaerner's President & CEO Jan Arve Haugan.
Kvaerner's EBITDA margin increased in the first quarter this year, compared to
the corresponding quarter last year. The revenues for the first quarter 2016
were NOK 2 228 and the adjusted EBITDA was NOK 106 million, resulting in an
EBITDA margin of 4.8 percent. In the first quarter 2017, the revenues were NOK
1 554 million while the adjusted EBITDA was upheld at NOK 105 million, resulting
in an increased EBITDA margin of 6.8 percent. The positive margin development is
an effect of enhanced performance, reduced cost base and phasing of projects.
In the first quarter, total revenues, including jointly controlled entities
(Field Development segment), amounted to almost NOK 2.1 billion, with EBITDA of
NOK 120 million.
Since the oil price started a decline in 2014, the market for both new
investment projects and for operation of existing facilities has been turbulent.
Kvaerner sees signals that the decline may now start to level out. The company
has identified a growth in the number of relevant prospects which oil companies
expect to be sanctioned over the next years. Some few of these prospects may end
up as projects of a large size, while the majority of the prospects represent
projects of a moderate size.
"Throughout this market shift, Kvaerner has continued its high activity level
and delivered solid results. Our activity is now lower for a period, as an
effect of a market with few contracts to bid for over the last two years.
However, much of this effect is compensated by the fact that our current
projects are in phases where a large degree of the value creation is delivered
by Kvaerner's own internal resources", says Jan Arve Haugan.
The first quarter presentation and financial appendix can be downloaded from
www.kvaerner.com and the links below.
ENDS
For further information, please contact:
Investor inquiries:
Ingrid Aarsnes, VP Investor Relations & Communications, Kvaerner, Mob:
+47 950 38 364, email: ir(at)kvaerner.com
Media inquiries:
Torbjørn Andersen, Head of Communications, Kvaerner, Mob: +47 928 85 542, email:
torbjorn.andersen(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. 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 2 600 HSSE-focused and
experienced employees are recognised for delivering some of the world's most
amazing and demanding projects.
In 2016, the Kvaerner group had consolidated annual revenues of close to NOK 8
billion and the company reported an order backlog at 31 March 2017 of NOK 10.8
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.
1st quarter 2017 Presentation:
http://hugin.info/134981/R/2102352/797268.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Unternehmensinformation / Kurzprofil:
Datum: 08.05.2017 - 06:58 Uhr
Sprache: Deutsch
News-ID 540728
Anzahl Zeichen: 4896
contact information:
Town:
Oslo
Kategorie:
Business News
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