Kvaerner is refocusing its oil and gas business away from the North Sea to international projects. It will specialise in high value-added sub-sea and process technologies instead of riskier large-scale fabrication.
A review of the company’s oil and gas interests has resulted in the merger of all UK and Norwegian activities into two divisions – a North Sea-focused capital development projects business called Field Development and an offshore operational services business based in Aberdeen.
Kvaerner announced the mothballing of its Teesside fabrication yard last month. The future of its other three yards in Scotland and Norway is under review.
In the quarter to September the firm’s turnover rose to NK11.9bn (£924.5m) from NK11.5bn (£893.4m) compared with the previous quarter. Operating profit rose to NK231m (£18.06m), up from NK183m (£14.31m), in the same period.