Kvaerner aims to further boost contracting activity as it bids on work across three segments after bolstering its orderbook on the back of a profit increase driven by higher revenue in the third quarter.

The Norwegian engineering and construction contractor doubled net profit to Nkr72 million ($7.8 million) from Nkr35 million a year earlier as quarterly revenue increased 39% year-on-year to Nkr2.45 billion from Nkr1.76 billion in the same period of 2018.

The Oslo-listed contractor remains “on track” to achieve an annual revenue goal of Nkr10 billion within the next four years, with growth expected from 2021 onwards, chief executive Karl-Petter Loken said.

Kvaerner recorded an order intake of Nkr1.83 billion, up from Nkr1.15 billion a year ago, to boost its orderbook to Nkr8.34 billion at the end of the last quarter, though this was still down on Nkr10.64 billion a year earlier.

Loken said the contractor is targeting further awards in three market segments — offshore platforms and onshore facilities, as well as floating production, storage and offloading units and offshore wind installations — and is presently bidding on projects with awards due this autumn.

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Kvaerner 'on track' for target