Aker Kvaerner Has Best Year to Date

Aker Kvaerner has posted a 15% rise in profits for 2007, its best year to date, due to good markets and high activity in all business areas, the company says.

Full year consolidated revenues of Nkr57.957m were up 15% on 2006, while fourth quarter consolidated revenues of Nkr14.876m were slightly lower compared with Nkr15.304m for the same period last year due to the completion of the Ormen Lange and Snøhvit projects in the third quarter 2007.

The company is also buying a majority shareholding in Norwegian 3D visualisation and simulation software firm First Interactive AS, with an option to buy the remaining shares.

The move follows the takeover of Finnish engineering company RR Offshore, announced yesterday, which will see Aker Kvaerner sell its shares in the Astrakhan Korabel yard in the Caspian Sea to its former business partner ST Holding.

Aker Kvaerner says it is "actively positioning itself" for future Russian and Caspian oil projects with the intention of strengthening its presence in the region.

By Ozge Ibrahim