Vard acquires STX Canada

The deal, valued at about NOK 65 million, sees the Vancouver-based marine engineering and design company, becoming part of Vard Marine, specialising in advanced technology and its application to offshore and specialised vessel designs. The Canadian company employs around 75 people, and has branch offices in Ottawa and Houston. The current management team, under president Dave McMillan, will be retained, and will, according to Vard, combine the best practices of Norwegian and North American marine engineering and design.

The company currently has an order book of 38 ship designs for vessels under construction, for worldwide customers, including 20 offshore support vessels, which, according to Vard, constitutes more than 20% of the overall US OSV order book.

Vard CEO Roy Reite said: “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.”