Aker owns 70 per cent of the shares in Aker Kværner Holding AS, which in turn owns 41 per cent of the shares in Kvaerner. Aker thus indirectly owns 28.7 per cent of Kvaerner.
Kjell Inge Røkke represents Aker on Kvaerner’s board of directors.
In 2016, Kvaerner’s share price rose from NOK 8.22 to NOK 12.10 as at 31 December 2016. Aker’s shareholding was valued at NOK 0.9 billion at the end of the year, equivalent to 2 per cent of Aker’s total assets.
AKER’S OWNERSHIP AGENDA
Kvaerner is a leading supplier of engineering, procurement and construction (EPC) services on the Norwegian continental shelf. In a market that offers relatively few projects and thus remains challenging, the company needs to secure new contracts to maintain its activity level in 2017 and beyond.
Kvaerner’s project portfolio developed as planned in 2016 in terms of both quality and budgets. Kvaerner is in a robust financial position, with cash holdings of NOK 3.0 billion and no interest-bearing debt as at 31 December 2016. In its ownership capacity, Aker is focused on ensuring that Kvaerner delivers first-class project completion and maintains its targeted, systematic efforts to improve productivity and cost efficiency.
For more information, please visit www.kvaerner.com .