Kvaerner's result dives big-time in H1

The Norwegian subcontractor emerged from the first half of 2016 with significantly lower earnings and revenue, according to the 2nd quarter interim report. The market may show tentative signs of recovery over the next year, predicts management.

Norwegian Kvaerner ASA, like other suppliers to the offshore sector, has been hit hard by the low oil prices and the oil companies' subdued investment appetite. 

This is evident from the second quarter report, which shows that Kvaerner's result dropped from just USD 3.5 million from USD 13.6 million in the same period last year. Revenue went in the same direction, declining from circa USD 786 million in the first half of 2015 to USD 475 million this year, according to the second quarter interim report.

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