Kvaerner expects major earnings setback next year

Next year, Norway's Kvaerner expects earnings to drop by no less than NOK 3 billion compared to this year. The company maintains its expectations for high growth in 2023, however.

Photo: Kvaerner

2020 looks set to hold a major setback on the top line at Norwegian shipbuilding and service firm Kvaerner.

It was not long ago, however, that the company announced its ambition to increase revenue by just over 40 percent, exceeding NOK 10 billion (USD 1.1 billion) in 2023 from NOK 7.3 billion in 2018. This was in September.

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