EnergyWatch

Kvaerner: The oil industry has hit rock bottom

In the company's first quarter interim report released Monday, Norwegian Kvaerner eyes signs of a shift in the oil industry after a crisis of several years.

Norwegian yard and offshore group Kvaerner believes that the oil industry has now bottomed out since the oil price plunge in 2014 caused oil companies to stop new projects.

This is according to management in relation to the publication of Kvaerner's first quarter interim report 2017. The order intake came to NOK 6.6 billion (USD 764 million) which brought the total orderbook up to NOK 10.8 billion.

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