A full house for Kvaerner
22 Aug 2000
Kvaerner Construction has acquired Whessoe International, the liquid natural gas (LNG) technology subsidiary of Babcock Borsig. The move completes Kvaerner's LNG capabilities giving it the facility for turnkey projects. Kvaerner now has a 10 per cent share of the $1billion per annum world energy market.
The acquisition is Kvaerner's first since the group's major restructuring in 1998 and follows promising first quarter results. The company showed steady improvement with a turnover of £1.3billion and a return on sales of 3 per cent. Chief executive for Kvaerner, Keith Clarke, said: `To succeed in the LNG market one has to have both credibility and track record. Combining Whessoe's skills base with our existing capabilities gives us an expertise that few in this field can match.'
Both companies are already well established in the LNG market place.
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