Kvaerner Gets Offshore Spar Topsides Sub-Contract,

SeaDiscovery.com February 13, 2014

Example of Kvaerner topside work: Image courtesy of Kvaerner

Hyundai Heavy Industries (Hyundai) has awarded Kvaerner a sub-contract to provide services for inshore and offshore hook-up and commissioning assistance for the topsides for the Aasta Hansteen spar project. The inshore-work will be carried out at Stord and the offshore scope will be done at the field in the Norwegian Sea 300 km west of Bodø.

Kvaerner explain that the inshore work will be carried out during the first half of 2016 while the platform is moored at Kvaerner's deep water site in Digernessundet, close to Kvaerner's offshore yard at Stord. Hyundai targets to have the Aasta Hansteen Spar platform ready for tow-out in the summer of 2016, and mechanical completed late 2016.

Hyundai is currently executing the scope on both the substructure and the topside for the Aasta Hansteen Spar platform. The two platform parts will be transported from South Korea to Stord in Norway on separate heavy lift vessels. In January 2014 Kvaerner was awarded a sub-contract from Technip, who is doing the engineering for the Spar platform's substructure. This contract includes providing services and assistance to Technip during mooring, upending, ballasting, installation of predefined equipment and preparation of the Aasta Hansteen Spar for mating with the topside. Contract partner is Kvaerner's subsidiary Kværner Stord AS.

"We are very pleased to be awarded this contract by Hyundai. The award confirms that we are being recognised for our strong expertise within the hook-up and commissioning area," says Steinar Røgenes, executive vice president of Kvaerner's business area Contractors Norway.

Kværner ASA: Fourth quarter results 2013

14 February 2014 - Kvaerner experienced growth in revenues and margins in the fourth quarter of 2013 compared to the fourth quarter 2012. Also for the year 2013, Kvaerner improved compared to 2012. A strong order backlog leads to high activity at the start of 2014. Kvaerner continues to prioritise effective execution of on-going projects, while positioning for future projects. The company is already implementing a number of defined improvements, and aims at reducing costs by 15 percent.