Kværner

Kværner was a Norwegian engineering and construction services company that existed between 1853 and 2005. In 2004, it was amalgamated into the newly formed subsidiary of Aker ASA - Aker Kværner, which was renamed Aker Solutions on 3 April 2008. Kværner re-emerged on 6 May 2011, 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]

For other uses, see Kværner (disambiguation).
Kværner ASA
TypeAllmennaksjeselskap
OSE: KVAER
IndustryHeavy industry
Predecessor
Founded1853
Successor
  • Aker Kvaerner
  • (2004–2008)
  • Aker Solutions
  • (2008–2011)
  • Kværner ASA
  • (2011 onwards)
HeadquartersOslo, Norway
Key people
Karl-Petter Løken, President & CEO
Number of employees
2700
Websitekvaerner.com

History

Kvaerner Brug was founded in Oslo in 1853 by industrialist Oluf A. Onsum (1820-1899). The company became principally involved 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] In 1992 Kværner acquired the Swedish company Götaverken. In 1996, Kværner acquired the UK conglomerate Trafalgar House, and moved its international headquarters from Oslo to London.[6] In January 1996, Kvaerner purchased a stake in the Vyborg Shipyard (Russian: Выборгский судостроительный завод) and renamed it Kverner-Vyborg Shipyard (Russian: ОАО "Квернер-Выборг Верфь") which was the largest manufacturer of offshore installations in Russia.[7]

The company's expansive acquisitions brought economic hardship to the company. Kjell Almskog became CEO in 1998, and implemented various plans to streamline the company.[8] This included the sale of the Cunard Line (a division of Trafalgar House) to Carnival Corporation, the sale of Kvaerner Govan to BAE Systems[9] 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 (Russian: Сергей Завьялов) associated with early 1990s established Ako Barss Group (Russian: "Ако Барсс Груп") which sold the shipyard to Rossiya Bank owners who placed the shipyard in the United Shipbuilding Corporation (USC) in 2012.[10][11][12][13] In August 2000, Kværner sold its Construction Division to the Swedish company Skanska.[14]

The economic slowdown in 2001 coupled with the 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 (Russian: Олег Шейко), Yukos' vice president for finance, and Alexey Golubovich (Russian: Алексей Голубович), who was Yukos' "director of corporate finance" until 2001, supported Kværner with mergers and financing.[15][lower-alpha 1]

In November 2001, Kværner was forced to merge with its rival Aker ASA, a Norwegian oil services group controlled by Kjell Inge Røkke. Røkke scuppered the solution preferred by Kværner's management, a rescue by Russia's oil giant 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. As of 2005 Kværner ASA was merged with Aker Maritime Finance AS, a wholly owned company of Aker ASA and the Kværner corporation ceased to exist.[17]

In 2008, Aker Kvaerner changed its name to Aker Solutions ASA. In December 2010, Aker Solutions announced a decision to cultivate its core businesses. 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.[18]

In September 2019 the company announced their plans to target renewable growth and they are looking to expand its operations in renewable energy to help boost this growth by around 40% in the coming years.[19]

Notes
  1. Oleg Sheiko (Russian: Олег Шейко; 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.[16]

References
  1. "Our heritage: Building strength through experience". Kvaerner. Retrieved March 25, 2016.
  2. "Oluf Adelsten Onsum". Norsk Teknisk Museum. Retrieved March 25, 2016.
  3. Knut Kjeldstadli. "Oluf Onsum - Forretningsdrivende, Industrigründer". Norsk biografisk leksikon. Retrieved March 25, 2016.
  4. "Haugan CEO of Kvaerner" (Press release). Kvaerner. 2 May 2011. Archived from the original on 9 April 2016. Retrieved March 25, 2016.
  5. Rolf Bryhn. "Kværner ASA". Store norske leksikon. Retrieved March 25, 2016.
  6. Kvaerner Is Close to Bidding for Troubled Group: Lifeline for Trafalgar House?
  7. 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 Russian). Retrieved 5 August 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  8. Tore Halvorsen. "Kjell E Almskog, Industrileder". Norsk biografisk leksikon. Retrieved March 25, 2016.
  9. https://www.chriscunard.com/qe2/qe2-history/ QE2 History | Cunard Archives, Trafalgar House Expansion and Decline.
  10. 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 Russian). Archived from the original on 6 August 2021. Retrieved 5 August 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  11. 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 Russian). Archived from the original on 6 August 2021. Retrieved 5 August 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  12. 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 Russian). Archived from the original on 6 August 2021. Retrieved 5 August 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  13. "Проекты, в которых участвует "Ако Барсс Груп"" [Projects in which "Ako Barss Group" participates] (in Russian). 18 November 2015. Archived from the original on 6 August 2021. Retrieved 5 August 2021.
  14. David Litterick (30 August 2000). "Skanska buys Kvaerner arm for £180m". The Telegraph. Retrieved 11 December 2022.
  15. ""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 Russian). 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" on 21 June 2002.
  16. «Дело Юкоса»: действующие лица и исполнители (The Yukos Case: Characters and Performers)
  17. Trond Smith-Meyer. "Kjell Inge Røkke - Forretningsdrivende, Investor". Norsk biografisk leksikon. Retrieved March 25, 2016.
  18. Rolf Bryhn (29 September 2014). "Aker Solutions ASA". Store norske leksikon. Retrieved March 25, 2016.
  19. "Kvaerner targets renewables growth". renews.biz. 2019-09-16. Retrieved 2019-09-16.
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