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Kvaerner raises revenue by 60 percent

The Norwegian oil service firm finished 2019 with high sales and marked improvements but still dials down dividend payouts to investors. The high activity level continues into 2020, Kvaerner says.

Photo: Kværner

Kvaerner saw high activity in the last months of 2019, when the yard and service company increased its sales within field development by nearly 60 percent compared to the same time one year prior: from NOK 1.75 billion (USD 190 million) to NOK 2.78 billion, according to Kvaerner's new quarterly fiscal report published Wednesday morning.

The company also sees an increase in its adjusted operating result (EBITDA), for which Kvaerner booked NOK 105 million against NOK 75 million.

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