Vard strengthens North American presence through acquisition of leading marine engineering and design company

SINGAPORE, July 4, 2014 /CNW/ - Vard Holdings Limited ("VARD"), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that it has acquired STX Canada Marine Inc., a leading marine engineering and design company with more than 30 years history in North America, for approx. NOK 65 million.

Headquartered in Vancouver, Canada, with branch offices in Ottawa and Houston and a workforce of over 75 employees, the new acquisition will be fully integrated with Vard Marine Inc. ("Vard Marine"), and operate under the Vard Marine name. The management directed by President Dave McMillan will continue, allowing the new organization to combine the best practices of Norwegian and North American marine engineering and design.

Following the acquisition Vard Marine will provide a broad range of naval architecture and marine engineering services world-wide, including all aspects of ship design and production technology, total equipment and service packages, support for offshore, commercial and naval shipbuilding activities, economic and technical feasibility studies, research and analytical investigations, and model tests and full scale trials.

Vard Marine specializes in the development of advanced technology and its application to offshore and specialized vessel designs. Its portfolio ranges from offshore support vessels, offshore subsea construction vessels, semi-submersibles, and icebreakers to research, naval and patrol vessels, and will complement VARD's existing product portfolio of vessel designs and equipment. The company currently has an order book of 38 ship designs for vessels under construction, for ship owners and yard customers worldwide. 20 of these orders are for offshore support vessels ("OSV"), constituting more than 20% of the overall OSV order book in the US.

CEO and Executive Director Roy Reite commented, "Through this acquisition VARD is really able to accelerate its growth strategy in North America, and we can rapidly strengthen our presence, capabilities and client relations in this important market. We are excited about the opportunities this generates for VARD and welcome the new clients, business partners and employees to VARD. "

About VARD
Vard Holdings Limited ("VARD"), together with its subsidiaries (the "Group"), is one of the major global designers and shipbuilders of offshore and specialized vessels used in the offshore oil and gas exploration and production and oil services industries. Headquartered in Norway and with 11,000 employees, VARD operates ten strategically located shipbuilding facilities, including five in Norway, two in Romania, two in Brazil and one in Vietnam.

VARD's long shipbuilding traditions, cutting-edge innovation and technology coupled with its global operations ensure access to the fastest growing oil exploration markets. The Group's expertise and track record in constructing complex and highly customized offshore and specialized vessels have earned it recognition from industry players and enabled it to build strong relationships with its customers.

VARD was listed on the Main Board of the Singapore Exchange on 12 November 2010. Majority shareholder Fincantieri Oil & Gas S.p.A., a wholly owned subsidiary of FINCANTIERI S.p.A., owns 55.63% in the Group. Headquartered in Trieste, Italy, FINCANTIERI is one of the world's largest shipbuilding groups and has, over its 200 years of maritime history, built more than 7,000 vessels. www.vard.com

 

SOURCE Vard Holdings Limited

For further information: VARD: Stig Bjørkedal, EVP Business Development, Mobile: +47 99 15 50 33, stig.bjorkedal@vard.com, Holger Dilling, EVP Investor Relations, Mobile: +47 90 61 92 55, holger.dilling@vard.com; Hege Anita Akselvoll, VP Communications Mobile: +47 91 69 00 51, hege.akselvoll@vard.com; NEWGATE COMMUNICATIONS: Angeline Yang, Mobile: +65 9105 6667, Angeline.yang@newgatecomms.com.sg; Joanne Loh, Mobile: +65 9277 5272, joanne.loh@newgatecomms.com.sg