Kvaerner Eyes Renewables Expansion

Norway’s Kvaerner is establishing two new focus areas with an aim to expand its operations within the renewables industry, including offshore wind, and the oil & gas sector.

The move comes as Kvaerner aims to increase its annual revenue for around 40% within a few years, from circa NOK 7.3 billion in 2018 to NOK 10 billion within 2023.

Kvaerner said it is currently involved in early phase offshore wind work for several customers, while in the future the company sees opportunities in other regions, especially offshore Europe and North America.

Earlier this year, the company signed a contract with Equinor to study how floating concrete substructures for offshore wind turbines to the planned Hywind Tampen project in the North Sea can be designed and constructed.

“The market for the development of offshore wind power is growing exponentially. If such developments are to be profitable for both energy companies and society, it is important that suppliers can contribute with safe and efficient execution. We bring valuable knowledge from the oil industry where the cost over time has been significantly reduced,” said Karl-Petter Løken, Kvaerner ASA CEO.

“From now on, Kvaerner will, together with customers, subcontractors, and public knowledge institutions etc. aim to build a whole new industry with jobs, expertise and value creation.”