For the first quarter of the year, Kvaerner, a Norwegian engineering and construction services company, recorded an increase in its profit as well as revenues when compared to the last year’s performance as its order backlog grew.
The engineering company on Wednesday posted revenues of NOK 1.9 billion for the first quarter of 2018, which is an increase compared to NOK 1.55 billion revenues recorded in the corresponding period of 2017.
The company’s net profit also increased during this year’s quarter amounting to NOK 115 million compared to NOK 95 million in the same period last year.
According to the company, a strong order intake in the first quarter resulted in an order backlog at the end of first quarter of NOK 11.12 billion. One year ago, the order book was NOK 10.8 billion.
Idar Eikrem, interim CEO for Kvaerner, commented: “Our ambition is to further increase activity in growth segments over the next few years. Already in 2018, revenues from such business are expected to be around NOK 700 million. In addition, we have the ongoing extensive upgrading of the Njord A platform.”
Looking ahead, Kvaerner expects a number of small and medium sized prospects in the market to be awarded during 2018 and 2019. Most of these prospects are within Kvaerner’s growth segments. In addition, the company sees some few larger prospects in its traditional market for topsides and substructures with expected awards during this year and next year.
Offshore Energy Today Staff