Aker owns 70 per cent of the shares in Aker Kvaerner 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 2017, Kvaerner’s share price rose from NOK 12.10 to NOK 15.80 as of 31 December 2017. Aker’s shareholding was valued at NOK 1.2 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. Kvaerner continuously works to improve productivity and costs at their specialized facilities at Stord and Verdal.
In 2017, Kvaerner won a NOK 5 billion contract to upgrade the Njord A platform, as well as a contract valued at around NOK 1 billion to construct a semi-autonomous platform for the west- ern part of the Valhall eld. In a challenging market that o ers relatively few projects, the company needs to secure new con- tracts to maintain its activity level in 2018 and beyond.
Kvaerner’s project portfolio developed as planned in terms of both quality and budgets, with many important project mile- stones being reached. Kvaerner is in a robust nancial position, with cash holdings of NOK 2.8 billion and no interest-bearing debt as of 31 December 2017. In its ownership capacity, Aker is focused on ensuring that Kvaerner delivers rst-class project completion and maintains its targeted, systematic e orts to improve productivity, cost e ciency and competitiveness. Aker supports Kvaerner’s exploration of strategic opportunities.
For more information, please visit www.kvaerner.com .