Friday's listing of Kvaerner ASA at Oslo Bors marks the beginning of a new company with a historic brand. With an international organization and in-house fabrication yards in place from the start, Kvaerner will be a supplier of some of the world's most demanding projects for new offshore platforms and onshore processing plants.
"This is an important day for Kvaerner. It is with pride and a certain humility we revitalize an almost 160-year-old brand and once again list Kvaerner on Oslo Bors", said Kjell Inge Rokke, chairman of Kvaerner ASA.
Kvaerner is a specialized provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants. In 2010, the Kvaerner group had aggregated annual revenues of more than NOK 13.3 billion, and the company see strong opportunities for further growth.
The company was established by the Norwegian engineer Oluf A. Onsum from the city of Molde in 1853. Both Aker and Kvaerner share a common history and were fierce competitors for decades. In December 2001 the parties agreed to merge Aker Maritime and Kvaerner, and Aker became the main shareholder of Aker Kvaerner.
The new Kvaerner is a result of a process where Aker Solutions' activities for delivery of platforms and onshore plants have been established as a separate corporation. Kvaerner will leverage the previous organizations' combined experience and expertise built up over more than 40 years.
Kvaerner has a solid track record from delivering some of the world's most demanding projects. The reference list includes projects such as the Troll A platform offshore Norway, which is the largest structure ever moved by man. It also includes platforms in harsh environments, like the Hibernia platform in Canada and the three Sakhalin platforms in Russia.
Kvaerner has also demonstrated capabilities in deep waters and floating production, such as the Norwegian Gjoa platform and the Australian Laminara production ship. Kvaerner is also a leader within fixed steel jacket substructures, such as the recent delivery to the Gudrun platform.
Each project is tailor made to the demands of each client. Hence, the expertise and experience of each employee is one of Kvaerner's strongest competitive factors. With the head office in Oslo, Kvaerner has more than 3 500 employees working in Norway, UK, Canada, USA, Mexico, Australia, China, Russia, Kazakhstan and Finland.
"The foundation for all of our work is a focus on health, safety and environment (HSE). This is not only a common value to us and our license to conduct business, we know that it is also an effective way to work", says Jan Arve Haugan, President and CEO of Kvaerner ASA.
Reorganization: Kvaerner lists on Oslo Bors again