Kværner was a Norway-based
engineering and construction services company in existence
between 1853 and 2005 when it was merged with Aker ASA.
Kværner name was used in the subsidiary Aker Kværner until April
3rd, 2008 when it changed name to Aker Solutions.
was founded in Oslo in 1853 and
listed on the Oslo Stock
Exchange in 1967.
By the 1990s, Kværner assembled a
collection of engineering and industrial businesses, including
, construction of offshore
oil and gas platforms
, production of
manufacturing equipment and operation of shipping fleet
became CEO of Kværner
in 1989, and under his leadership the company underwent large-scale
international expansion. 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.
company's expansive acquisitions brought economic hardship to the
company. Kjell Almskog
became CEO in
1998, and implemented various plans to streamline the company. This
included the sale of the Cunard Line
division of Trafalgar House) to Carnival Corporation
. The economic
slowdown in 2001 and a series of management missteps brought the
company to the brink of bankruptcy. In November 2000, Kværner sold
its Construction Division to the Swedish company Skanska
November 2001, Kværner was forced to merge with its rival Aker ASA, a Norwegian
oil services group controlled by Kjell Inge Røkke.
scuppered the solution preferred by Kværner's management, a rescue
by Russia's oil giant Yukos
international headquarters returned to Oslo and Kværner was
restructured to become a holding company, with operating activities
concentrated in Aker
Kværner and Aker Yards.
of 2005 Kværner ASA was merged with Aker Martitime Finance AS, a
wholly owned company of Aker ASA and the Kværner corporation ceased
- Store norske leksikon Entry on
- Kvaerner Is Close to Bidding for Troubled Group:
Lifeline for Trafalgar House?
- http://www.chriscunard.com/archives5.htm Cunard Archives,
Trafalgar House Expansion and Decline