The Kvaerner Group bas announced that it plans to exit the shipbuilding business. The diversified Norwegian-based engineering company, which also bas interests in construction, oil and gas, metals, pulp and paper, operates 13 shipyards in seven countries, including Kvaerner Masa-Yards (KMY). Immediate speculation focused on a joint venture between Kvaemer and Fincantieri which would operate KMY. Fincantieri and KMY already have joint interests in ABB Azipod. Other yards would be spun off and/or sold. Interested parties are said to include the Norwegian Aker Group and Fred. Olsen. The reason for the sell-off is a massive restructuring from what the new Kvaerner CEO Kjell Almskog called "loss-making businesses." He said in a prepared statement that the "new" group would focus on engineering, contracting and construction.