Norwegian engineering and construction services company Kvaerner posted a smaller profit and revenues for the third quarter of 2017 when compared to the last year’s period but the company now sees more prospects ahead.
The Norwegian company on Friday posted a profit of NOK 170 million ($20.8M) for the third quarter 2017 as opposed to a profit of NOK 265 million ($32.4M) in the same period of 2016.
Kvaerner’s total revenues for the third quarter of the year, including jointly controlled entities, were NOK 1.7 billion. One year ago, Kvaerner’s revenues were NOK 2.7 billion.
“The oil and gas market has been volatile for three years. Still, Kvaerner’s robust order backlog in combination with comprehensive improvements has enabled us to sustain sound results through this cycle,” says Kvaerner’s President & CEO Jan Arve Haugan.
Kvaerner’s order backlog was NOK 8.2 billion at the end of the third quarter, about the same level as one year ago.
“We now see a market with several prospects, which represent important opportunities to refill the order book. This is perfect timing for operators planning to start new projects: We can deliver high productivity and low cost when we can offer warm teams directly from one completed project to starting on the next project,” says Haugan.
Looking ahead, Kvaerner said the main market segments are still challenging. However, the company sees more prospects to bid for compared to one year ago.
For 2017, Kvaerner’s full year gross revenue is expected to be more than NOK 7 billion.
Offshore Energy Today Staff