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.
Kvaerner’s share price fell from NOK 8.89 to NOK 8.22 in 2015. Aker’s shareholding was valued at NOK 0.6 billion as at 31 December 2015, equivalent to 2 per cent of Aker’s total assets at the end of the year. Kjell Inge Røkke represents Aker on Kvaerner’s board of directors.
Aker’s ownership agenda
In 2015, Kvaerner delivered the Edvard Grieg platform as agreed in terms of deadline, quality and price, and was awarded contracts to deliver three platform sub-structures and the equipment and residential platform topside for the Johan Sverdrup development. Kvaerner has reinforced its position as a leading supplier of engineering, procurement and construction (EPC) services on the Norwegian continental shelf.
In its ownership capacity, Aker is focused on ensuring that Kvaerner maintains its targeted, systematic efforts to improve productivity and cost efficiency. The company has a strong order reserve, and its highest priority is to deliver current projects in accordance with customer expectations and its own objective of higher margins.