Kvaerner gets in ship shape

Kvaerner has agreed with Aker RGI Holding to establish a jointly owned shipbuilding management company.

Together, the two groups own 12 shipyards in Europe, and one in the USA and Brazil. The yards have a total of around 13,500 employees – with combined revenues of NOK 20 billion.

The management company, to be called ‘Aker Kvaerner Yards AS’, will be owned 50:50 by Kvaerner ASA and Aker RGI Holding ASA, and will become effective from February 15, 2002. Company costs will be divided between the yards.

The new Company will be headed by Leif A Langoy, currently CEO of Aker Yards, while Kvaerner’s President & CEO, Helge Lund will be Chairman. Hans Petter Finne, currently head of Kvaerner’s Shipbuilding business area will continue to work for Kvaerner during a transition period, following which he will leave the Group.

The combined order reserve for the 14 yards currently comprises some 80 vessels – with a total value of about NOK 35 billion.

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