Kværner

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Kværner ASA
Company type
Allmennaksjeselskap
OSE: KVAER
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HeadquartersOslo, Norway
Key people
Karl-Petter Løken, President & CEO
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Websitekvaerner.com

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Kværner was a Norwegian engineering and construction services company that existed between 1853 and 2005.

During its initial decades, the firm was involved in the manufacture of cast iron stoves and hydroelectric turbines. The turbine business was Kværner's leading product throughout the first half of the twentieth century, although it had also branched out into the production of bridges, cranes, and pumps. Kværner underwent a spree of international acquisitions during the 1990s, which included Govan Shipbuilders, Götaverken, Trafalgar House, Vyborg Shipyard; its headquarters were also relocated from Oslo to London during this decade. The heavy debt burden built up by acquiring these businesses, some of which were actually unprofitable, jeopardised the company's continued existence by the start of the twenty-first century.

Efforts to stabilise the company included the selling off of Cunard Line and its construction division, as well as the receipt of financial support from senior figures within the Russian oil company Yukos. In order to avoid bankruptcy however, Kværner was compelled to merge with its long time rival Aker ASA. During 2004, Kværner was amalgamated into the newly formed subsidiary of Aker ASA - Aker Kværner, which was renamed Aker Solutions on 3 April 2008.

On 6 May 2011, Kværner re-emerged when the EPC (engineering, procurement and construction) part of Aker Solutions took the Kværner name. The new Kværner company was listed on the Oslo Stock Exchange on 8 July 2011.[1] During 2020 however, Aker Solutions opted to restructure and merge with Kvaerner.

History

Kvaerner Brug was founded in Oslo in 1853 by industrialist Oluf A. Onsum (1820-1899). Early on, the primary activity of the business was its involvement in the production of cast iron stoves. In 1870, Kvaerner built its first hydroelectric turbine.[2] During the early 1900s, Kvaerner power turbines remained the principal product line, which also included bridges, cranes, and pumps. Kvaerner was listed on the Oslo Stock Exchange in 1967. By the 1990s, the company assembled a collection of engineering and industrial businesses, including shipbuilding, construction of offshore oil and gas platforms, production of pulping and paper manufacturing equipment, and operation of a shipping fleet.[3]

Directors-general of Kværner after the stock exchange listing were Kjell B. Langballe (1960–1976), Carl Røtjer (1976–1986) and Mikal H. Grønner (1986–1989). Chairmen were Frithjof A. Lind (–1982), Johan B. Holte (1982–1985), Emil Eriksrud (1985–1986), Carl Røtjer (1986–1989), Kaspar Kielland (1989-1996), and then Christian Bjelland (1996-2001). Since 2011, the CEO has been Jan Arve Haugan.[4]

Erik Tønseth became director-general of Kværner in 1989, and under his leadership the company underwent large-scale international expansion, acquiring the state-owned Govan Shipbuilders from British Shipbuilders.[5] During 1992, Kværner acquired the Swedish company Götaverken. In 1996, Kværner acquired the British conglomerate Trafalgar House, after which it moved its international headquarters from Oslo to London.[6][7] During January 1996, Kvaerner purchased a stake in the Vyborg Shipyard (Template:Langx) and renamed it Kverner-Vyborg Shipyard (Template:Langx) which was the largest manufacturer of offshore installations in Russia.[8] Also during the mid 1990s, Kvaerner expanded its footprint in the Indonesian market, including through the formation of Kvaerner Bakrie Engineering in late 1995.[9]

The company's expansive acquisitions quickly brought economic hardship to the company. Kjell Almskog became Kværner's CEO in 1998, and implemented various plans to streamline the company.[10][11] This included the sale of the Cunard Line (a division of Trafalgar House) to Carnival Corporation,[12] the sale of Kvaerner Govan to BAE Systems[13] and the sale of Chemrec to Babcock Borsig. On 10 March 2000, Kvaerner sold the Vyborg Shipyard, which was losing money and faced closure during 1999, to the Sergey Zavyalov (Template:Langx) associated with early 1990s established Ako Barss Group (Template:Langx) which sold the shipyard to Rossiya Bank owners who placed the shipyard in the United Shipbuilding Corporation (USC) in 2012.[14][15][16][17] In August 2000, Kværner sold its Construction Division to the Swedish company Skanska.[18][19]

The economic slowdown in 2001 coupled with the firm's heavy debt burden and a series of management missteps brought the company to the brink of bankruptcy. Hugo Erikssen, a director of public relations at Yukos, and Oleg Sheiko (Template:Langx), Yukos' vice president for finance, and Alexey Golubovich (Template:Langx), who was Yukos' "director of corporate finance" until 2001, supported Kværner with mergers and financing.[20][a]

During the early 2000s, Kværner was approached multiple times by its long time rival Aker ASA, a Norwegian oil services group controlled by Kjell Inge Røkke.[22][23] During November 2001, in order to avoid bankruptcy, Kværner was compelled to merge with Aker.[24][25] Røkke scuppered the solution preferred by Kværner's management, which was a rescue by Yukos. Kværner's international headquarters returned to Oslo and Kværner was restructured to become a holding company, with operating activities concentrated in Aker Kværner and Aker Yards. During 2005, Kværner ASA was merged with Aker Maritime Finance AS, a wholly owned company of Aker ASA, as a result of which the Kværner corporation ceased to exist.[26][27]

During 2008, Aker Kvaerner changed its name to Aker Solutions ASA. In December 2010, Aker Solutions announced a decision to cultivate its core businesses; consequently, Kvaerner was established, through a demerger, as a specialised EPC (engineering, procurement and construction) company addressing the global market. On 6 May 2011, the shareholders' annual general meeting approved the establishment of Kvaerner as a separate company.[28][29]

In 2015, it commenced fabrication of a 26,500 tonne steel jacket, the largest in Europe, for the Johan Sverdrup partnership.[30] Subsequently, Kvarner was awarded additional work on this scheme.[31]

In September 2019, the company announced their plans to target renewable growth and that it was looking to expand its operations in renewable energy to help boost this growth by around 40% in the coming years.[32] One month later, it signed a contract valued at NOK 1.5 billion for Hywind Tampen, the world's largest floating offshore wind farm.[33][34] Separately, the company entered into a strategic collaboration with Nel ASA on green hydrogen projects, including the prospective development of large scale hydrogen production plants.[35]

During July 2020, Aker Solutions announced major restructuring plans, centering on its merger with Kvaerner and the spinning off of its wind development and carbon capture and storage businesses into two separate Oslo listed entities.[36][37]

Notes

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  1. ^ Oleg Sheiko (Template:Langx; born June 1957) graduated from the Faculty of Economics of Moscow State University in 1981 and the Academy of Foreign Trade in 1992 Following graduation he became a banker with NM Rothschild and Sons Limited in London and later created the Moscow branch and became its manager. He joined Yukos in 1996.[21]

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."Our heritage: Building strength through experience". Kvaerner. Retrieved 25 March 2016.[permanent dead link]
  2. ^ Page Module:Citation/CS1/styles.css has no content."Oluf Adelsten Onsum". Norsk Teknisk Museum. Retrieved 25 March 2016.
  3. ^ Page Module:Citation/CS1/styles.css has no content.Kjeldstadli, Knut. "Oluf Onsum - Forretningsdrivende, Industrigründer" (in norsk). Norsk biografisk leksikon. Retrieved 25 March 2016.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Haugan CEO of Kvaerner" (Press release). Kvaerner. 2 May 2011. Archived from the original on 9 April 2016. Retrieved 25 March 2016.
  5. ^ Page Module:Citation/CS1/styles.css has no content.Bryhn, Rolf. "Kværner ASA" (in norsk). Store norske leksikon. Retrieved 25 March 2016.
  6. ^ Page Module:Citation/CS1/styles.css has no content."Kvaerner Is Close to Bidding for Troubled Group: Lifeline for Trafalgar House?". International Herald Tribune. 28 February 1996.
  7. ^ Page Module:Citation/CS1/styles.css has no content.Hotten, Russell (5 March 1996). "Kvaerner buys Trafalgar for pounds 904m deal". The Independent.
  8. ^ Page Module:Citation/CS1/styles.css has no content.Чеберко, Иван (Cheberko, Ivan) (18 January 1996). "Приобретение Kvaerner в России: Выборгский судостроительный завод стал норвежским" [Acquisition of Kvaerner in Russia: Vyborg shipyard became Norwegian]. "Коммерсантъ" (in русский). Retrieved 5 August 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  9. ^ Page Module:Citation/CS1/styles.css has no content."Norway in Indonesia Bakrie link bolsters Kvaerner's turnkey oil and gas capability". offshore-mag.com/. 1 November 1995.
  10. ^ Page Module:Citation/CS1/styles.css has no content.Halvorsen, Tore. "Kjell E Almskog, Industrileder" (in norsk). Norsk biografisk leksikon. Retrieved 25 March 2016.
  11. ^ Page Module:Citation/CS1/styles.css has no content."Company News: Kværner to sell Trafalgar House, a U.S. home builder". Dow Jones. 28 October 1998.
  12. ^ Page Module:Citation/CS1/styles.css has no content."Kvaerner plans Pounds 1bn assets sale; Cunard to go after Trafalgar falls to bid". The Times. 5 March 1996.
  13. ^ https://www.chriscunard.com/qe2/qe2-history/ QE2 History | Cunard Archives, Trafalgar House Expansion and Decline.
  14. ^ Page Module:Citation/CS1/styles.css has no content.Шолмов, Константин (Sholmov, Konstantin) (23 April 1999). "Норвежский Kvaerner уплывает из Выборга: Выборгский судостроительный завод (ОАО "Квернер-Выборг Верфь") оказался под угрозой закрытия" [Norwegian Kvaerner leaves Vyborg: The Vyborg shipyard (OJSC Kverner-Vyborg Shipyard) is under threat of closure.]. Деловой Петербург (dp.ru) (in русский). Archived from the original on 6 August 2021. Retrieved 5 August 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  15. ^ Page Module:Citation/CS1/styles.css has no content.Ершов, Андрей (Ershov, Andrey) (20 March 2000). "Выборгский судостроительный завод "приплыл" обратно в Россию: Петербургское ЗАО "АКО-Барсс" завершило переговоры о покупке Выборгского судостроительного завода (ОАО "Квернер Выборг Верфь")" [Vyborg Shipyard "sailed" back to Russia: Petersburg JSC "AKO-Barss" has completed negotiations on the purchase of the Vyborg shipyard (JSC "Kverner Vyborg Verf").]. Деловой Петербург (dp.ru) (in русский). Archived from the original on 6 August 2021. Retrieved 5 August 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  16. ^ Page Module:Citation/CS1/styles.css has no content.Сологуб, Александр (Sologub, Alexander); Горошков, Павел (Goroshkov, Pavel); Мягченко, Ольга (Myagchenko, Olga) (18 November 2015). "Топ-менеджер "Росатома" Сергей Завьялов встроил семейный бизнес в систему исполнения госзаказов" [Top-manager of Rosatom Sergey Zavyalov has integrated the family business into the system of execution of state order]. Деловой Петербург (dp.ru) (in русский). Archived from the original on 6 August 2021. Retrieved 5 August 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  17. ^ Page Module:Citation/CS1/styles.css has no content."Проекты, в которых участвует "Ако Барсс Груп"" [Projects in which "Ako Barss Group" participates] (in русский). 18 November 2015. Archived from the original on 6 August 2021. Retrieved 5 August 2021.
  18. ^ Page Module:Citation/CS1/styles.css has no content.Litterick, David (30 August 2000). "Skanska buys Kvaerner arm for £180m". The Telegraph. Retrieved 11 December 2022.
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  20. ^ Page Module:Citation/CS1/styles.css has no content.""Юкос" упорно старается смыть с себя репутацию "Менатепа": Как новые русские нефтяные короли построили тайную финансовую империю в Женеве. В начале 90-х годов, будущие миллиардеры руководили банком "Менатеп"" [Yukos strives hard to wash off Menatep's reputation: How the new Russian oil kings built a secret financial empire in Geneva. In the early 90s, future billionaires ran the Menatep Bank]. Le Temps (in русский). 21 June 2002. Archived from the original on 13 February 2020. Retrieved 5 August 2021 – via compromat.ru. Alt URL Translated at inosmi.ru from "Le Temps"[permanent dead link] on 21 June 2002.
  21. ^ Page Module:Citation/CS1/styles.css has no content."«Дело Юкоса»: действующие лица и исполнители (The Yukos Case: Characters and Performers)". vedomosti.ru (in русский). Archived from the original on 2010-12-18.
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  34. ^ Page Module:Citation/CS1/styles.css has no content.Buljan, Adrijana (16 February 2021). "Kværner Orders Slipform Systems for Hywind Tampen". offshorewind.biz.
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