Kværner ASA: 3rd quarter results 2017 - Solid quarterly results and more new prospects
(Thomson Reuters ONE) -
27 October 2017 - Kvaerner delivered solid results also for the third quarter of
2017. Total revenues, including jointly controlled entities (Field Development
segment) were NOK 1 727 million, with an EBITDA result of NOK 262 million. One
year ago, the revenues were NOK 2 727 million and the EBITDA was NOK 265
million. The EBITDA margin was 15.1 percent in the third quarter this year,
compared to 9.7 percent one year earlier. The results reflect that ongoing
projects are on track, as well as significant positive effects from achieved
incentives and close out activities.
"We are pleased to present yet another quarter with solid performance. The oil
and gas market has been volatile for three years. Still, Kvaerner's robust order
backlog in combination with comprehensive improvements has enabled us to sustain
sound results through this cycle", says Kvaerner's President & CEO Jan Arve
Haugan.
Kvaerner's order backlog was NOK 8 207 million at the end of the third quarter,
about the same level as one year ago. Cash and bank deposits at 30 September
2017 were NOK 2.6 billion, versus NOK 2.8 billion at the same time last year.
Excluding negative working capital, net cash was 2 billion. Kvaerner is
currently positioning for several new prospects of various sizes. The company
expects to see the outcome of some contract awards in late 2017 and throughout
2018.
"We now see a market with several prospects, which represent important
opportunities to refill the order book. This is perfect timing for operators
planning to start new projects: We can deliver high productivity and low cost
when we can offer warm teams directly from one completed project to starting on
the next project", says Haugan.
The third quarter 2017 presentation, including financial appendix can be
downloaded from www.kvaerner.com and the link 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 30 September 2017 of NOK
8.2 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.
2nd quarter 2017 Presentation:
http://hugin.info/134981/R/2145138/822245.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: 27.10.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 565552
Anzahl Zeichen: 4203
contact information:
Town:
Oslo
Kategorie:
Business News
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