Kvaerner's profit almost halved in 2018

In line with expectations, Kvaerner finished 2018 with a profit of close to NOK 500 million, which marks a setback compared to the year before. CEO Karl-Petter Løken anticipates improved market conditions for the Norwegian oil service and yard company this year.

Norway's Kvaerner finished 2018 in line with expectations with a profit of NOK 487 million (USD 56.4 million), which also covers the company's joint ventures, shows the yard and oil service major's annual report.

The company is pleased with the result for year, though revenue as well as profit decreased compared to 2017.

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