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.
As at 31 December 2018, Kvaerner’s share price was NOK 12.06, compared to NOK 15.80 last year. 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
Aker’s ownership priorities for Kvaerner are to increase competitiveness through operational improvements and a costs focus, win new contracts and maintain a strong balance sheet while building on Kvaerner’s position as a leading supplier of engineering, procurement and construction (EPC) services on the Norwegian Continental Shelf.
Kvaerner is working continuously to improve productivity and costs at its specialised facilities at Stord and Verdal, as well as in its project management, design and purchasing functions at Fornebu. These efforts are bearing fruits. In 2018, Kvaerner won contracts valued at NOK 9.8 billion, boosting the order backlog by 32 per cent over the course of the year. The most important contracts included construction of the topside for the Johan Castberg FPSO, several Johan Sverdrup contracts and an agreement relating to additional scope on Njord A. All those contracts were with the operator Equinor. In terms of quality, the company’s project portfolio developed
as planned in 2018, with important project milestones being reached. Kvaerner is in a robust financial position, with cash holdings of NOK 3.2 billion and no interest-bearing debt as at 31 December 2018. In its ownership capacity, Aker is focused on ensuring that Kvaerner delivers first-class project execution and maintains its systematic efforts to improve productivity and cost efficiency, with a continuous focus on HSE improvements. Aker supports Kvaerner’s consideration of strategic opportunities.
For more information, please visit www.kvaerner.com .