Kværner ASA: Second quarter results 2013

16 August 2013 - Kvaerner reported operating revenues of NOK 3 616 million in the second quarter 2013. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 163 million, resulting in an EBITDA margin of 4.5 percent. The order backlog amounted to NOK 29.6 billion.
"The activity has been very high this quarter and both jackets for the Clair Ridge project were delivered. We focus on project execution and further development of our delivery models. At Stord, the new crane with a lifting capacity of 800 tonnes, is being installed. The crane is important for the yard's capacity to assemble large platform modules," says Jan Arve Haugan, President & CEO of Kvaerner.

Operating revenues in the second quarter 2013 amounted to NOK 3 616 million, compared with NOK 3 000 million for second quarter 2012. The revenue level is reflecting high activity on all on-going projects and the activity level is expected to remain high throughout the year.

Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) for the quarter were NOK 163 million, compared with NOK 85 million in the same period last year. The EBITDA margin for the second quarter 2013 was 4.5 percent, up from 2.8 percent in the corresponding period in 2012.

Order intake in second quarter 2013 totalled NOK 2 305 million, including the scope of work of jointly controlled entities. This compares to NOK 15 427 million in second quarter 2012. As of 30 June 2013 the order backlog, including the scope of work of jointly controlled entities, amounted to NOK 29 637 million.

"The solid backlog with on-going projects gives us an opportunity to improve cost control and strengthen our competitiveness. We focus on executing our projects in a safe manner while positioning ourselves for new tenders", says Haugan.  

In line with the dividend policy, the Board of Directors has proposed to pay a cash dividend of NOK 0.58 per share in October 2013.

The full report and presentation can be downloaded at www.kvaerner.com and the links to the right.

ENDS

For further information, please contact:

Investor relations:

Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364

Media:

Odd Naustdal, VP Communications, Kvaerner, Tel: +47 53 41 81 03, Mob: +47 905 76 079.

About Kvaerner:
With more than 3 000 HSSE-focused and experienced employees, Kvaerner is a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants. Kværner ASA, through its subsidiaries and affiliates ("Kvaerner"), is an international contractor that plans and realises some of the world's most demanding projects as a preferred partner for upstream and downstream oil and gas operators, industrial companies and other engineering and fabrication contractors.

In 2012, the Kvaerner group had consolidated annual revenues of close to NOK 11 billion and the company had an order backlog of almost NOK 30 billion on 30 June 2013. Kvaerner was publicly listed with the ticker "KVAER" at the Oslo Stock Exchange on 8 July 2011. For further information, please visit www.kvaerner.com.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.