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"The outlook is much better than in 2017 because we are seeing customers looking at a number of different perspectives, and we have the ambition to increase our sales to NOK 10 billion in a few years," said Karl-Petter. Løken, director of Kvaerner, when he presented the results of the third quarter on Tuesday.
When it reaches its goals, the company will reach new highs against the estimated business figure of the year for just over NOK seven billion – a forecast that was repeated Tuesday.
The results of the oil services group in the third quarter show a business turnover of 1.71 billion (compared to 1.73 billion at the same period last year) and a gross operating profit ( EBITDA) which rose from 262 to 90 million crowns compared to the same period of the previous year.
Order intake almost doubled to NOK 1.15 billion and the order book increased from US $ 8.2 billion a year ago to US $ 10.64 billion, of which US $ 8.83 billion will be executed in 2019 and 2020.
The quarterly report, which was presented at the company's headquarters on Tuesday in Fornebu, did not spark the stock market's interest. He immediately dropped the 2% title at the Børsen opening. During the day, the stock recovered and closed down 1.25%.
We have to go back to 2016 to find a year in which Kværner achieved a turnover of more than 10 billion. In 2017, the turnover amounted to 7.63 billion euros and in 2018, the company expects a turnover of a little more than seven billion. For the third quarter, the group achieved a turnover of 5.50 billion euros.
The accounts show that Kværner achieved a turnover of 17.5 billion euros in 2014, going back to the peak reached before the braking.
Figures presented here refer to reports for the field development sector, which includes partnership products and others. Actual sales figures are slightly lower as Kvaerner's work share is not accounted for jointly with other co-ownership providers.
Decrease in operating profit and good order intake at Kværner
Oil and gas remain the most important
For Kværner, the main business today is four things that concern the oil and gas industry: the construction of floating platforms, production vessels and production units, as well as concrete and steel for platforms.
In the future, they are expected to grow in the areas of decommissioning and recycling of old oil and gas facilities, modernization and renovation, construction and engineering of onshore facilities, marine operations and offshore wind turbines.
The company has already signed several contracts in these new growth segments, but wants more.
"Now you're talking about the road to 2022. What percentage of the revenue will come from segments other than oil and gas in 2022, according to you?
"In percentage terms, I do not think I will, but this year about 10% of our business is what we call our growth segments," Løken said.
He points out that Kvaerner's one billion upgrades to the Njord A field for Equinor are part of the growth segments, but that the report describes it as a traditional contract.
"In fact, we are now over 10%, and at the same time, the oil and gas sectors will remain the main activity in the future, but we have growth ambitions that go beyond this evolution. as well as offshore winds, for example.
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Major contracts are settled in a short time
During the oil braking, Kværner and many Norwegian partners were pleased to announce that Equinor and the other partners had started the development of the giant field Johan Sverdrup. The development in the field, which in the first phase amounted to almost 100 billion NOK, ensured Kvaerner's contracts for the construction of the housing platform and three of the four substations. steel that can exist.
Although Kværner has obtained other contracts over the past two years, such as the construction of the Valhall Vestflanken platform for Aker BP, Kværner and others have also noted that oil companies have not been able to do so. were tightened. And especially the foreign oil companies.
If we believe Kværner's leadership, he is about to relax. In its quarterly report, the company writes that it "expects customers to decide the outcome of some important prospects" in a relatively short period of time, ie from here the end of next year.
"What we're seeing is that many projects are maturing and coming out of the" pitfalls ", but then we realize that such projects take time to make an investment decision and to go to the market. But we see that some projects are now making their mark and we are positioning ourselves for those we think we can win, says Kværner, the boss of E24.
– Can you interpret the fact that other operators that Equinor also start to increase activity after braking oil?
– Yes, that's the general answer to that. We see that the activity starts to rise, but then it is important to say that we do not decide when the projects are sanctioned. What we can do is help operators whenever we can, whether through studies, surveys or design suggestions that can make projects even more attractive, "he said. Løken.
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Consider new partnerships
After Johan Castberg, Alta, Wisting and Noaka (Alvheim Nord and Krafla / Askja), there are few new great discoveries to be built on the Norwegian plateau. The contract for Castberg has already won Kværner, which means that only a limited number of new platforms or production ships will be built for the Norwegian continental shelf in the next decade – if new discoveries are not made quickly.
– Does this mean that you are taking market share from other Norwegian players to grow?
"We have also stated that we have ambitions for international growth because we see opportunities to win projects outside of Norway, and we are positioning ourselves for projects that, in our opinion, match our expertise in Norway and Norway. the international, "said Løken.
The development in Ghana of Kværner's sister company in the Aker area, Aker Energy, is one of the international opportunities that could arise. A floating production vessel (FPSO) will be built and will start producing in a few years. A development plan is expected for the new year.
The case continues during the advertisement.
As an analyst, it was asked if Kværner thought he could count on competition in the competition for this contract:
"We are investing in the port of Stord to expand it. We are therefore generally well placed for the FPSO's prospects, and that's why we chose this investment. As for Aker Energy's business, ask them, "said Løken.
Throughout its history, Kværner has associated other suppliers with different projects and won major offers. The construction of the Hebron concrete platform for ExxonMobil in Canada, where Kværner joined Kiewit, is one of the latest major projects.
– Do you need to form new partnerships to achieve the growth objective?
"It's something we see as a prospect for every potential customer," says Kværner's boss.
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