Oil, Gas Business Helps Drive Kongsberg Revenue Growth

Norwegian technology systems supplier Kongsberg Gruppen reported Friday that its oil and gas business helped it to boost its operating revenues by 4.3 percent to $2.6 billion in 2013.

The group’s provisional profit after tax for 2013 was slightly down, coming in at $196 million compared with $208 million for the year before.

Kongsberg enjoyed a particularly strong fourth quarter, with 4Q 2013 operating revenues amounting to $759 million compared with $673 million in 4Q 2012. And Kongsberg Oil & Gas Technologies produced operating revenues that were 66.7 percent greater during the fourth quarter of 2013 than those for 4Q 2012, the firm said.

"We are reporting a very good Q4, featuring record-high operating revenues, a good EBITDA and a strong cash flow. Operations were strong in 2013, laying an even stronger foundation on which to reach our future goals. 2014 marks Kongsberg's 200th anniversary, and we are well prepared going forward," Kongsberg CEO Walter Qvam said in a statement.

"As announced we signed the group's largest supply contract to date, amounting to NOK 3.7 billion NOK [$592 million] in January 2014 and we are off to a good start in this anniversary year."

At the end of January, Kongsberg announced that it had won a $37 million contract to supply the new Petrofac JSD 6000 deepwater derrick lay vessel with electrical, telecoms and control systems.



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