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Kvaerner PLC (BB20)

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Monday 11 March, 2002

Kvaerner PLC

Launch of New Company

Kvaerner PLC
11 March 2002


Solid starting position for Aker Kvaerner

LONDON, 11 MARCH 2002: Kvaerner, the international oil services, E&C, and
Shipbuilding Group, today launched a new company with 18,000 employees in 17
countries and on five continents.  The new company, to be known as 'Aker
Kvaerner', will supply products, services, technology and solutions worth NOK
20 billion a year to the global oil and gas industry.  Aker Kvaerner is the
result of a merger between Aker Maritime and Kvaerner Oil & Gas, and forms one
of four business areas within the Kvaerner Group.

Subsidiaries of Aker Kvaerner have already won contracts totalling NOK 15.5
billion since the start of 2002, almost doubling the Group's order backlog in
just over two months.  The many companies embraced by the new organisation
complement each other - and Aker Kvaerner is solidly placed to maintain an
aggressive commitment both in its traditional home markets and in other parts
of the world.

In many of its business streams, the new company will rank among the world's
leading players. It is strong, for instance, in advanced drilling equipment,
subsea facilities, the management of large and complex platform tow-outs, and
the installation of seabed equipment. Aker Kvaerner also embraces some of the
most advanced solutions for both platforms and mooring systems in deep water. 

It has become one of the biggest players in the large UK and Norwegian markets
for maintenance, modifications and operational support on production
platforms.

Preparations for merging Aker Maritime and Kvaerner Oil & Gas have been
completed in just over two months, with more than 250 employees directly
involved in the integration work.  In addition, personnel from the whole
organisation have been drawn into the planning and preparatory process. 
Establishing a new organisation has been a key task.  Since the beginning of
January, potential candidates for senior roles have been nominated and
thoroughly assessed prior to key posts being filled.

The merger of Aker Maritime and Kvaerner Oil and Gas represents a major
milestone in Norwegian industrial history. With traditions going back almost
two centuries, these companies are now joining forces to reinforce their
position with oil industry customers.  Aker Kvaerner will be a large and
significant employer in a number of local Norwegian communities, and one of
the biggest sources of private sector jobs in several places along Norway's
coast.  With some 12,500 employees in Norway, the new company ranks as one of
the country's largest industrial employers.
Setting a new standard for health, safety and the environment at work is one
of Aker Kvaerner's key targets, both out of concern for its employees and the
company and as a competitive factor.  'We'll be thinking HSE in everything we
do, at all levels and all times,' affirms Aker Kvaerner CEO, Sverre Skogen.
'That's the only objective we can live with.'


For more information:  Paul Emberley, Vice President Group Communications,
Kvaerner ASA: +44 (0)20 7339 1035 or  +44 (0)7768 813090 or
[email protected] or Torbjorn Andersen, Communications Manager, Aker
Kvaerner: +47 9131 0458 or www.kvaerner.com 

Note to editors: Kvaerner is a world-class international oil and gas services,
engineering and construction, and Shipbuilding Group, with the capability and
resources to undertake the world's most challenging projects.  Today's
Kvaerner is an industrial technology provider.  It meets the needs of its
customers by adding value to their business - through the provision of
innovative, cost-effective solutions - for challenges in the hydrocarbons,
process, and maritime industries.  The Group's activities are organised in
four core business areas: Oil & Gas, E&C (Engineering & Construction), Pulp &
Paper, and Shipbuilding.   Following the creation of Aker Kvaerner, the
Kvaerner Group as a whole expects to have revenues in 2002 approaching US$6
billion, with some 40,000 permanent staff located in more than 30 countries
throughout Europe, Africa, Asia and the Americas.


                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                

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