Kværner was a Norway-based engineering and construction services company in existence between 1853 and 2005 when it was merged with Aker ASA. The Kværner name was used in the subsidiary Aker Kværner until April 3rd, 2008 when it changed name to Aker Solutions.

History

Kværner 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 shipbuilding, construction of offshore oil and gas platforms, production of pulp and paper manufacturing equipment and operation of shipping fleet.

Erik Tønseth 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. The 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 (a 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.

In November 2001, Kværner was forced to merge with its rival Aker ASA, a Norwegian oil services group controlled by Kjell Inge Røkke. Røkke scuppered the solution preferred by Kværner's management, a rescue by Russia's oil giant Yukos. Kværner's international headquarters returned to Oslo and Kværner was restructured to become a holding company, with operating activities concentrated in Aker Kværner and Aker Yards. As of 2005 Kværner ASA was merged with Aker Martitime Finance AS, a wholly owned company of Aker ASA and the Kværner corporation ceased to exist.

References

1. Store norske leksikon Entry on "Kværner ASA"
2. Kvaerner Is Close to Bidding for Troubled Group: Lifeline for Trafalgar House?
3. http://www.chriscunard.com/archives5.htm Cunard Archives, Trafalgar House Expansion and Decline

External links

• www.kvaerner.com