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March 1 2004

Question mark over Kvaerner Philadelphia

Once again, a reorganization of its Norwegian parent group is raising question marks about the future of Kvaerner Philadelphia Shipyard.

Aker Kvaerner confirmed on Monday that it proposed splitting into three separate units.

The company's Oil & Gas and Engineering & Construction activities will take the Aker Kvaerner name. The company's European shipyards will be merged with those of Aker Yards to create a new entity with the Aker Yards name. Anything left over, such as Kvaerner Philadelphia, will come under the umbrella of a holding company that will take the name Kvaerner.

Nonetheless, Kvaerner Philadelphia will remain plugged into the Aker Yards tree via a management agreement.

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