Kvaerner has today completed the sale of its onshore construction business in North America to Matrix Service Company.
The transaction with an enterprise value of USD 80.3 million was settled in cash at closing and the financial effects will be recognised in Kvaerner’s fourth quarter 2013 accounts.
The divestment enables Kvaerner to focus its efforts on further developing its upstream oil and gas business.
In line with the upstream focused strategy, Kvaerner said it would continue to develop its Houston based entity focusing on offshore field development, Kvaerner Field Development Inc. Following the sale, Kvaerner will not have any remaining operations in the US within the Downstream & Industrials segment, and remaining legacies within the segment will be presented as discontinued operations in the company’s accounts going forward.
December 23, 2013