Kværner underwent a spree of international acquisitions during the 1990s, which included Govan Shipbuilders, Götaverken, Trafalgar House, Vyborg Shipyard; its headquarters were also relocated from Oslo to London during this decade.

However, the heavy debt burden built up by acquiring these businesses, some of which were actually unprofitable, jeopardised the company's continued existence by the start of the twenty-first century.

[2] During the early 1900s, Kvaerner power turbines remained the principal product line, which also included bridges, cranes, and pumps.

By the 1990s, the company assembled a collection of engineering and industrial businesses, including shipbuilding, construction of offshore oil and gas platforms, production of pulping and paper manufacturing equipment, and operation of a shipping fleet.

Chairmen were Frithjof A. Lind (–1982), Johan B. Holte (1982–1985), Emil Eriksrud (1985–1986), Carl Røtjer (1986–1989), Kaspar Kielland (1989-1996), and then Christian Bjelland (1996-2001).

[18][19] The economic slowdown in 2001 coupled with the firm's heavy debt burden and a series of management missteps brought the company to the brink of bankruptcy.

In December 2010, Aker Solutions announced a decision to cultivate its core businesses; consequently, Kvaerner was established, through a demerger, as a specialised EPC (engineering, procurement and construction) company addressing the global market.

[32] One month later, it signed a contract valued at NOK 1.5 billion for Hywind Tampen, the world's largest floating offshore wind farm.

[35] During July 2020, Aker Solutions announced major restructuring plans, centering on its merger with Kvaerner and the spinning off of its wind development and carbon capture and storage businesses into two separate Oslo-listed entities.