Offshore staff
FORNEBU, Norway – Engineering group Kvaerner has seen more positive developments recently in terms of contracts and frame conditions, compared to 1Q when the coronavirus restrictions took effect.
The company now anticipates second-quarter revenues of around NOK1.5 billion ($159 million) and estimates full year revenues at close to NOK7.5 billion ($797 million).
Gradual growth is on the horizon, Kvaerner said, following the recent decision by the Norwegian authorities to temporarily adjust Norway’s tax regime to incentivize oil companies to start new offshore projects.
There is now high activity for positioning and bidding for new contracts, especially in the renewables sector, the company added. Its 2Q order intake totaled around NOK3.3 billion ($350 million), including new contracts and additional scope to ongoing projects.
The Norwegian authorities have also started to allow foreign hired-in personnel to travel again to Norway. Kvaerner began remobilization of hired-in personnel in May and this process will continue though the fall.
07/06/2020
