1.1 We are committed to safeguarding the privacy of our website visitors; this policy sets out how we will treat your personal information.
1.2 By using our website and agreeing to this policy, you consent to our use of cookies in accordance with the terms of this policy.
Collecting personal information
2.1 We may collect, store and use the following kinds of personal information:
(a) information about your computer and about your visits to and use of this website (including your IP address, geographical location, browser type and version, operating system, referral source, length of visit, page views and website navigation paths);
(b) information that you provide to us when registering with our website (including your email address)
(c) information that you provide when completing your profile on our website (including your name, user name, country/region, employment details, password);
(d) information that you provide to us for the purpose of subscribing to our email notifications and/or newsletters (including your name and email address);
(e) information that you provide to us when using the services on our website, or that is generated in the course of the use of those services (including the timing, frequency and pattern of service use;
(f) information relating to any purchases you make of our goods / services / goods and/or services or any other transactions that you enter into through our website (including your name, address, telephone number, email address and card details;
(g) information that you post to our website for publication on the internet (including your user name, your profile pictures and the content of your posts);
(h) information contained in or relating to any communications that you send to us or send through our website (including the communication content and meta data associated with the communication);
(i) any other personal information that you choose to send to us; and
2.2 Before you disclose to us the personal information of another person, you must obtain that person's consent to both the disclosure and the processing of that personal information in accordance with the terms of this policy.
Using your personal information
3.1 Personal information submitted to us through our website will be used for the purposes specified in this policy or on the relevant pages of the website.
3.2 We may use your personal information to:
(a) administer our website and business;
(b) personalise our website for you;
(c) enable your use of the services available on our website;
(d) send you goods purchased through our website;
(e) supply to you services purchased through our website;
(f) send statements, invoices and payment reminders to you, and collect payments from you;
(g) send you non-marketing commercial communications;
(h) send you email notifications that you have specifically requested;
(i) send you our email newsletter, if you have requested it (you can inform us at any time if you no longer require the newsletter);
(j) send you marketing communications relating to our business or the businesses of carefully-selected third parties which we think may be of interest to you, by post or, where you have specifically agreed to this, by email or similar technology (you can inform us at any time if you no longer require marketing communications);
(k) provide third parties with statistical information about our users (but those third parties will not be able to identify any individual user from that information);
(l) deal with enquiries and complaints made by or about you relating to our website;
(m) keep our website secure and prevent fraud;
(n) verify compliance with the terms and conditions governing the use of our website (including monitoring private messages sent through our website private messaging service);
3.3 If you submit personal information for publication on our website, we will publish and otherwise use that information in accordance with the licence you grant to us.
3.4 Your privacy settings can be used to limit the publication of your information on our website, and can be adjusted using privacy controls on the website.
3.5 We will not, without your express consent, supply your personal information to any third party for the purpose of their or any other third party's direct marketing.
3.6 All our website financial transactions are handled through our payment services provider, Paypal. You can review the provider's privacy policy at https://www.paypal.com/gr/webapps/mpp/ua/privacy-full. We will share information with our payment services provider only to the extent necessary for the purposes of processing payments you make via our website, refunding such payments and dealing with complaints and queries relating to such payments and refunds.
Disclosing personal information
4.1 We may disclose your personal information to any of our employees, officers, insurers, professional advisers, agents, suppliers or subcontractors insofar as reasonably necessary for the purposes set out in this policy.
4.2 We may disclose your personal information to any member of our group of companies (this means our subsidiaries, our ultimate holding company and all its subsidiaries) insofar as reasonably necessary for the purposes set out in this policy.
4.3 We may disclose your personal information:
(a) to the extent that we are required to do so by law;
(b) in connection with any ongoing or prospective legal proceedings;
(c) in order to establish, exercise or defend our legal rights (including providing information to others for the purposes of fraud prevention and reducing credit risk);
(d) to the purchaser (or prospective purchaser) of any business or asset that we are (or are contemplating) selling; and
(e) to any person who we reasonably believe may apply to a court or other competent authority for disclosure of that personal information where, in our reasonable opinion, such court or authority would be reasonably likely to order disclosure of that personal information.
4.4 Except as provided in this policy, we will not provide your personal information to third parties.
International data transfers
5.1 Information that we collect may be stored and processed in and transferred between any of the countries in which we operate in order to enable us to use the information in accordance with this policy.
5.2 Information that we collect may be transferred to the following countries which do not have data protection laws equivalent to those in force in the European Economic Area: the United States of America, Russia, Japan, China and India.
5.3 Personal information that you publish on our website or submit for publication on our website may be available, via the internet, around the world. We cannot prevent the use or misuse of such information by others.
5.4 You expressly agree to the transfers of personal information described in this Section 5.
Retaining personal information
6.1 This Section 6 sets out our data retention policies and procedure, which are designed to help ensure that we comply with our legal obligations in relation to the retention and deletion of personal information.
6.2 Personal information that we process for any purpose or purposes shall not be kept for longer than is necessary for that purpose or those purposes.
6.3 Notwithstanding the other provisions of this Section 6, we will retain documents (including electronic documents) containing personal data:
(a) to the extent that we are required to do so by law;
(b) if we believe that the documents may be relevant to any ongoing or prospective legal proceedings; and
(c) in order to establish, exercise or defend our legal rights (including providing information to others for the purposes of fraud prevention and reducing credit risk).
Security of your personal information
7.1 We will take reasonable technical and organisational precautions to prevent the loss, misuse or alteration of your personal information.
7.2 We will store all the personal information you provide on our secure (password- and firewall-protected) servers.
7.3 All electronic financial transactions entered into through our website will be protected by encryption technology.
7.4 You acknowledge that the transmission of information over the internet is inherently insecure, and we cannot guarantee the security of data sent over the internet.
7.5 You are responsible for keeping the password you use for accessing our website confidential; we will not ask you for your password (except when you log in to our website).
Amendments
8.1 We may update this policy from time to time by publishing a new version on our website.
8.2 You should check this page occasionally to ensure you are happy with any changes to this policy.
8.3 We may notify you of changes to this policy [by email or through the private messaging system on our website.
Your rights
9.1 You may instruct us to provide you with any personal information we hold about you; provision of such information will be subject to:
(a) the payment of a fee (currently fixed at GBP 10); and
(b) the supply of appropriate evidence of your identity (for this purpose, we will usually accept a photocopy of your passport certified by a solicitor or bank plus an original copy of a utility bill showing your current address).
9.2 We may withhold personal information that you request to the extent permitted by law.
9.3 You may instruct us at any time not to process your personal information for marketing purposes.
9.4 In practice, you will usually either expressly agree in advance to our use of your personal information for marketing purposes, or we will provide you with an opportunity to opt out of the use of your personal information for marketing purposes.
Third party websites
10.1 Our website includes hyperlinks to, and details of, third party websites.
10.2 We have no control over, and are not responsible for, the privacy policies and practices of third parties.
Updating information
11.1 Please let us know if the personal information that we hold about you needs to be corrected or updated.
Part 2: Cookies
About cookies
1.1 A cookie is a file containing an identifier (a string of letters and numbers) that is sent by a web server to a web browser and is stored by the browser. The identifier is then sent back to the server each time the browser requests a page from the server.
1.2 Cookies may be either "persistent" cookies or "session" cookies: a persistent cookie will be stored by a web browser and will remain valid until its set expiry date, unless deleted by the user before the expiry date; a session cookie, on the other hand, will expire at the end of the user session, when the web browser is closed.
1.3 Cookies do not typically contain any information that personally identifies a user, but personal information that we store about you may be linked to the information stored in and obtained from cookies.
1.4 Cookies can be used by web servers to identity and track users as they navigate different pages on a website and identify users returning to a website.
Our cookies
2.1 We use only both session and persistent cookies on our website.
2.2 The names of the cookies that we use on our website, and the purposes for which they are used, are set out below:
(a) we use session cookie on our website to recognise a computer when a user visits the website and track users as they navigate the website;
(b) we use secure cookie on our website to prevent fraud and improve the security of the website;
(c) Persistent cookies will be stored by a web browser and will remain valid until its set expiry date, unless deleted by the user before the expiry date;
Analytics cookies
3.1 We use Google Analytics to analyse the use of our website.
3.2 Our analytics service provider generates statistical and other information about website use by means of cookies.
3.3 The analytics cookies used by our website have the following names: _utma, _utmt, _utmb, _utmc, _utmv and _utmz
3.4 The information generated relating to our website is used to create reports about the use of our website.
3.5 Our analytics service provider's privacy policy is available at: http://www.google.com/policies/privacy/.
Third party cookies
4.1 Our website also uses third party cookies.
Blocking cookies
5.1 Most browsers allow you to refuse to accept cookies; for example:
(a) in Internet Explorer (version 10) you can block cookies using the cookie handling override settings available by clicking "Tools", "Internet Options", "Privacy" and then "Advanced";
(b) in Firefox (version 24) you can block all cookies by clicking "Tools", "Options", "Privacy", selecting "Use custom settings for history" from the drop-down menu, and unticking "Accept cookies from sites"; and
(c) in Chrome (version 29), you can block all cookies by accessing the "Customise and control" menu, and clicking "Settings", "Show advanced settings" and "Content settings", and then selecting "Block sites from setting any data" under the "Cookies" heading.
5.2 Blocking all cookies will have a negative impact upon the usability of many websites.
5.3 If you block cookies, you will not be able to use all the features on our website.
Deleting cookies
6.1 You can delete cookies already stored on your computer; for example:
(a) in Internet Explorer (version 10), you must manually delete cookie files (you can find instructions for doing so at http://support.microsoft.com/kb/278835);
(b) in Firefox (version 24), you can delete cookies by clicking "Tools", "Options" and "Privacy", then selecting "Use custom settings for history", clicking "Show Cookies", and then clicking "Remove All Cookies"; and
(c) in Chrome (version 29), you can delete all cookies by accessing the "Customise and control" menu, and clicking "Settings", "Show advanced settings" and "Clear browsing data", and then selecting "Delete cookies and other site and plug-in data" before clicking "Clear browsing data".
6.2 Deleting cookies will have a negative impact on the usability of many websites.
Cookie preferences
7.1 You can manage your preferences relating to the use of cookies on our website by visiting: controls below
Part 3: Our details
Data protection registration
1.1 We are registered as a data controller with the UK Information Commissioner's Office.
Our details
2.1 This website is owned and operated by Focus Reports Ltd.
2.2 We are registered in England and Wales under registration number 7676770, and our registered office is at Lynton House, 7-12 Tavistock Square, London WC1H 9LT, United Kingdom.
2.3 You can contact us by writing to the business address given above, by using our website contact form or by telephone on +441707828754.
Jan Arve Haugan President & Chief Executive Officer, discusses the establishment of the new Kvaerner, what differentiates Kvaerner’s strategy from that of its competitors and why 2014 will be a big year for the company.
Kvaerner’s history goes back to 1853. In 2011 Kvaerner re-emerged and got listed on the Oslo stock exchange. Could you start by giving an introduction of Kvaerner today and explain the rationale behind the demerger from Aker?
The demerger from Aker Solutions and the establishment of the new Kvaerner in 2011 was a response to customers’ requests for more flexible and specialised EPC contractors. More flexible, in the sense that Kvaerner would be able to meet low cost requirements through strategic partnerships and local content requirements through regional partnerships. More specialised, in the sense that increased attention to cost and risk efficiency is a prerequisite for a global EPC player and requires a dedicated management focus on project execution and risk management.
The listing of the new Kvaerner on Oslo Børs in July 2011 is a revitalisation of an almost 160 year-old brand and is a result of a process where the previous Aker Solutions’ activities for delivery of platforms and onshore plants were established as a separate corporation – the new Kvaerner. Kvaerner leverages the previous organisations’ combined offshore experience and expertise built up over more than 40 years.
Where is the company focused today?
Today, Kvaerner is a specialised engineering, procurement and construction (EPC) company focusing on executing demanding projects for oil and gas operators, industrial companies and other engineering and fabrication providers. It is an international company headquartered in Oslo, with offices and operations in nine countries which deliver turnkey solutions to its customers, who include some of the world’s major oil and gas companies.
Kvaerner possesses the full value chain of EPC service offerings, providing project management, engineering, procurement and construction expertise. In addition to its own resources and two fully-owned fabrication yards in Norway, the company ensures flexibility and capacity through a wide range of partnerships and subcontractors within engineering and fabrication.
Our project execution model (PEM) is developed based on best practice from many of the industry’s most challenging projects. This ensures safe and efficient project execution and risk management. That being said, PEM is our product—based on that we can deliver power plants in the United States and a concrete substructure in Newfoundland.
Jackets is typically a regional business as you do not transport them over large distances. We have developed and continuously refined our Jacket PEM for execution of EPC contracts fully integrated with our in-house design office and in continuous and close cooperation with the supply chain including steel manufacturing, rolling of tubulars and provision of cast nodes.
The issue related to onshore and offshore production facilities is the inherent complexity. Looking at a drilling rig for example, they are built according a known standard and are moveable. However, the offshore topsides are built for a specific reservoir. If a drilling rig is late, someone else can drill the first well. If the topside is late there will be delay in the production. Time is extremely important for those who are investing in offshore field developments which are big investments executed under strict weather conditions. All components have to be delivered and installed on time, and therefore we say that on-time-delivery is so essential.
Based on the competence that we have built over the last 40 years in the North Sea, our aim is to conduct complex jobs in harsh environments within a certain time window. In order to deliver in time you need to manage concurrent project activities. The critical path in such an execution is what we monitor: we handle the risk, control the delays and know to accelerate. Over these 40 years, project management has become one of our core competences.
What have been Kvaerner’s main growth drivers?
The demand for EPC products and services is driven by the global demand and consumption of oil and gas for transportation, industrial activities and energy production. It is estimated that global energy demand will rise by one-third by 2035, with the majority of this increase coming from the Middle East, India and China[1]).This demand is a key driver for increased capital spending in the development of oil and gas fields.
Several new fields have been discovered, particularly in Kvaerner’s home markets on the Norwegian and UK continental shelves. The accumulated growth in EPC spending between 2012 and 2020 is expected to be approximately USD 75 billion. This represents an increase of almost 20 percent compared to the market forecast made when Kvaerner was stock listed in July 2011.
Our growth drivers are also related to the oil and gas price. History shows that when the financial crisis hit such as in 2008, companies put their brakes on. For that reason, I believe that the market drivers will be the oil and gas price—trending from crude to LNG and probably heading to floating LNG. Thus having the right technical solutions to meet market trends is what we consider to be our drivers of growth.
Naturally maintaining our market share is also a growth driver. If we would do a quick cross reference I would say that looking at everything that has been built in the North Sea, close to 75% has been built by Kvaerner.
We see a huge upside in the industry as a result of the discoveries over the last couple of years. Companies such as ENI and Statoil are moving further North. How is Kvaerner adapting to this trend?
We do already have a track record of designing and delivering solutions into the Arctic harsh environment.
The concrete substructures we provide are an important product in this respect. Harsh environment challenges as we have in the Arctic region require technical solutions that withstand weather challenges. In the Caspian Sea region, where we have had substantial business through the Kashagan hook-up project, we are coping with Arctic weather during the winter and a tropical climate during summer. In this region we built a technical design that can withstand 40 plus and 30 minus degrees Celsius.
Technically, we do have experience in meeting requirements of harsh environments due to our 40 years of experience in the North Sea.
As a final question, could you give our readers two reasons why they should by shares of Kvaerner?
The market is prosperous and the regions we are focusing on are very robust.
Moreover I believe that the value of the company is driven by our ability to deliver. We are aiming to deliver on our commitments and that is what we are communicating to the market. We are not promising glory days but predictability.
The more predictability we demonstrate, the more it will reflect on the price of the company in the long term.
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