Kvaerner’s Sales and Revenue up, Proposes dividend

Posted On February 12th, 2019 - 10:25 am | by Oil and gas press

Kvaerner delivered sound results for the fourth quarter and full year 2018, in line with what has previously been communicated. For the second year in a row, the orderbook increased. Order backlog at the end of 2018 was NOK 10 625 million versus NOK 8 077 million a year before.

Also consolidated operating revenues increased, to NOK 7 220 million for 2018 against NOK 6 536 million for 2017. The market outlook is positive and Kvaerner’s financial platform is strong. A dividend of NOK 1 per share is proposed.

For the Field Development segment, which includes joint ventures, operating revenues for the fourth quarter were NOK 1 755 million, against NOK 1 843 million one year ago. The corresponding EBITDA was NOK 75 million in the last quarter, against NOK 234 million in fourth quarter 2017.

The EBITDA margin was 4.3 percent now, and was 12.7 percent one year ago. The lower margin reflects phasing of projects; projects in early phases are not yet recognising margin. Last year was also significantly impacted by close out activities and recognition of bonuses and incentives towards the end of completed projects. Order intake in the fourth quarter was NOK 1 723 million, up from NOK 1 703 million in the last quarter in 2017.

For the full year, the Field Development segment had operating revenues of NOK 7 253 million, compared to NOK 7 625 million in 2017. The corresponding EBITDA was NOK 487 million for 2018, versus NOK 846 million in 2017. EBITDA margin for last year was 6.7 percent for Field Development, compared to 11.1 percent in 2017.

Kvaerner has in recent years completed several significant projects with predictable performance and sound results, which has resulted in a strong financial platform. The Board of Directors finds that the company’s position enables a proposed dividend payment of NOK 1 per share. The competitive advantage Kvaerner has of a strong balance sheet will continue to be an important part also of future dividend considerations.

“We are pleased that we deliver revenues and EBITDA-results in line with what we have previously communicated to the market. Kvaerner has for all quarters in 2018 delivered sound results, and as planned, a main part of the EBITDA margins came in the first half year, due to effects from phasing of projects in our portfolio”. says Karl-Petter Løken, Kvaerner’s President & CEO.

Going forward, Kvaerner sees an improved market and more customers considering new projects. During 2019, it is expected that several key prospects will pass important decision gates and move further towards project sanctioning and project execution. The company anticipates that potential contract awards for near term larger contracts will mostly come in 2020 and 2021. For 2019, the full year gross revenues are expected to be above NOK 7 billion.

“We see upcoming projects both within our traditional segments for newbuild offshore oil and gas platforms, as well as in growth segments such as upgrading of existing platforms and new offshore wind power projects. We are positioning for several prospects in Norway and internationally” says Løken

At a meeting on 11 February 2019, the Board of Directors resolved to propose to the Annual General Meeting of Kvaerner that a dividend of NOK 1.00 per share is approved. Subject to approval by the Annual General Meeting, the dividend payment will take place on or about 11 April 2019 to shareholders of record as per the date of the Annual General Meeting. Depending on the Annual General Meeting’s approval of dividend payment, the shares will be quoted exclusive dividend from and including 29 March 2019.

Source / More : Kvaerner

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