Aker Kvaerner working on 'smaller' buys in field development, technology areas |
|
|
|
Published
:
Wed, 25 Apr 2007 10:27
|
OSLO (Thomson Financial) - Aker Kvaerner ASA said it is working on a number of 'smaller acquisitions' in the areas of 'field development' and 'product technologies', in an effort to enhance the engineering firm's earnings.Speaking to analysts and investors following the release of the company's first quarter results, chief executive Martinus Brandal confirmed the group is 'working on smaller acquisitions in the areas of field development and product technologies' in a bid to enhance the firm's offering to customers.No details on potential targets were given, but he said these areas are 'where we believe the good earnings are'.While Aker Kvaerner is considering a share buyback programme that could see it acquire up to 5 pct of its own shares, chief financial officer Bjorn Erik Naess said this programme would not come to the detriment of other business opportunities.'We are not excluding alternative uses of our balance sheet to expand capacity,' he said.'If we see good business opportunities to increase capacity then we will go for those too.'Aker Kvaerner's 'field development' division, the largest of its business areas in terms of revenues, specialises in the technical issues involved in the development of oil and gas fields, from wellheads to receiving terminals.Its 'product technologies' division, meanwhile, covers a wide range of products from downhole services and marine equipment through to onshore systems and equipment.alastair.reed@thomson.comar/cmlCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
|
|
|
|
Print this Story
Aker Kvaerner to restructure operations into five global businesses 