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Norway: KONGSBERG Celebrates 200th Anniversary

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first_img View post tag: Navy Share this article Industry news March 20, 2014 View post tag: Norway Throughout 200 years what is now known as KONGSBERG has been an industrial trailblazer in the defence, maritime, oil, gas and aerospace sectors.“There are not many businesses in the world that can boast 200 years of continuous operations, and this is something we are very proud and respectful of. We can look back on a unique and memorable history, and we are now a leading international high-technology corporation,” says CEO Walter Qvam of KONGSBERG.1814: The establishment of the Norwegian defence industryKongsberg weapons factory (KV) was founded by Poul Steenstrup, mining superintendent and participant at the national assembly at Eidsvoll, on 20 March 1814. This represented the establishment of Norway’s first factory, even before the industrial revolution in Norway.During the spring of 1814, Norway had gained its constitution. And the work of building the country’s first factory began in Kongsberg. The establishment of Kongsberg weapons factory in 1814 must be viewed in the light of other events of the same year. In January 1814, Norway had been ceded to Sweden, after centuries of union with Denmark. However, in Norway forces were working to give the country independence, and the need for a defence industry developed.From the industrial revolution to international high technology supplier KONGSBERG has experienced numerous eras, including Norway’s incipient industrial revolution in the 1800s, the development of the post-war technological industrialized Norway and the internationalization of Norwegian technology and expertise in the final decades until today.[mappress]Press Release, March 20, 2014; Image: Kongsberg View post tag: 200th View post tag: News by topic Back to overview,Home naval-today Norway: KONGSBERG Celebrates 200th Anniversary View post tag: celebrates View post tag: Naval KONGSBERG celebrates its 200th anniversary on 20 March. The company can boast the longest industrial history in Norway, with continuous operations since the foundation of the Kongsberg weapons factory in 1814. View post tag: Kongsberg Norway: KONGSBERG Celebrates 200th Anniversary View post tag: Anniversarylast_img read more

Keppel Offshore & Marine profit halved despite higher revenues

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first_imgThe company’s revenues for 1Q 2020 were S$569 million ($401.7 million), a 71 per cent increase when compared to revenues of S$332 million ($234.4 million) in the same period last year. Notably, renewables and gas-related solutions, make up over 70 per cent of the Division’s net order book of S$4 billion ($2.8 billion) as at end-March 2020. Keppel Corporation said on Wednesday that its Offshore & Marine (O&M) Division registered a net profit of S$3 million ($2.1 million) for 1Q 2020, compared to a net profit of S$6 million ($4.2 million) a year ago. Most of the company’s overseas yards, except for those in the Philippines, are also operational, albeit, with varying restrictions, the company said. Keppel said it will continue to actively pursue opportunities in gas and renewables, and also repurpose Keppel O&M’s technology for other floating infrastructure uses. Loh Chin Hua, Chief Executive Officer of Keppel Corporation, said: “Given the current highly volatile environment and low prices, oil majors are curtailing E&P spending, which will push back the nascent recovery that we had just begun to see in the O&M sector. Singapore’s offshore rig and vessel builder Keppel Offshore & Marine saw its quarterly profit halved despite a significant increase in revenues. This was mainly attributable to higher revenue recognition from ongoing projects such as Awilco’s semi-submersible rig, Golar Gimi FLNG, Borr Drilling jack-up rig, and Pasha LNG containership. This was due mainly to the share of losses from associated companies which had offset the Division’s stronger operating results. Diversification from oil projects In Singapore, Keppel O&M’s yards continue to provide essential services in ship/vessel repair and maintenance and overhaul during the circuit breaker with reduced manpower and various precautionary measures in place. Keppel O&M noted that its efforts to rightsize its operations and diversify from oil-related projects over the past few years is helping it to remain resilient amid challenging conditions posed by the COVID-19 pandemic and the collapse in oil prices. “We expect the O&M business to face very challenging conditions in the near future. We would also need to keep a close watch on customers and associates who would be affected if there is a prolonged downturn in oil prices”.last_img read more