STX sale goes through; company renamed Vard

The name comes from a Norwegian word ‘varde’, a small tower of stones historically used as a navigation mark along the coast to guide ships. The company says this reflects its maritime heritage and history in shipbuilding, and symbolises an ambition to lead the way in the global offshore support vessel market.

Vard CEO Roy Reite, said, “I am excited to announce that Vard will be our new name. It conveys a sense of stability and strength, relevance and flexibility. More importantly, it reflects our long-standing Norwegian heritage, as well as our leading position within the offshore and specialised vessels industry globally. From the very start of the project, the objective was to find a name that is short, solid, innovative and maritime in its tone. Vard met all of these criteria.”

The new identity is expected to be formally adopted at the upcoming Annual General Meeting in April.