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2014-09-10 18:15:00

KVAERNER NEEDS CHANGES

KVAERNER NEEDS CHANGES

Norwegian oil services firm Kvaerner, which has struggled with high costs and the loss of contracts to cheaper Asian rivals, may seek partners and could see a change in its ownership structure, it said on Wednesday.

Kvaerner, which builds large structures such as platforms for the offshore oil and gas industry, said it had hired an adviser to evaluate strategic options, which could include significantly altering its strategy, business model or ownership, it said in a statement to the Oslo bourse.

"To take the next step to ensure Kvaerner's long term growth and global competitiveness, we will consider further improvement initiatives, new industrial partnerships or changes to ownership structures, as well as a further streamlining of the products and services offered," Chairman Leif-Arne Langoey said.

After losing a series of major contracts in recent years due to high costs and facing idle time at a key yard, Kvaerner streamlined its Norwegian operations and managed to win in June an important contract from Statoil for platform jackets at the Johan Sverdrup field.

Analysts then said the contract gave the firm some time to rethink its strategy and changes could include partnering with Asian firms and moving some operations from Norway, one of the most expensive countries for the sector.

The firm's biggest shareholder with more than 40 percent is Aker Kvaerner Holding, a venture majority owned by Aker ASA , with the Norwegian government holding a minority stake.

Kvaerner said it had retained Greenhill & Co. International LLP to advise on evaluating all strategic alternatives.

Any major change in the ownership structure would require approval from two-thirds of shareholders.

reuters.com

Tags: AKER, KVAERNER, OIL, STATOIL, NORWAY

Chronicle:

KVAERNER NEEDS CHANGES
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INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

KVAERNER NEEDS CHANGES
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

KVAERNER NEEDS CHANGES
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

KVAERNER NEEDS CHANGES
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

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