Vard announces new investment and contract

The offshore vessel will be constructed at Vard Bralia in Romania and it is scheduled for delivery from Norway in 2017.

Vard has also had a strategy overhaul and installed a new business plan to address the challenge of cyclical downturn in core offshore markets and turn-around in Brazil.

“We will continue to pursue cost improvement initiatives and organisational changes to streamline our business and make sure the company seize new business opportunities,” said Roy Reite, Vard CEO.

He added: “Our recent efforts to broaden our vessel offerings have been encouraging and we will accelerate these efforts in the coming months. Vard has a strong set of core competencies, technologies and relationships that allow us to look beyond the current industry downturn.”

The company has successfully delivered two vessels from yards in Brazil and Norway with four new contracts secured during the quarter.

Alongside this, Vard has announced that it has invested in its indirectly held subsidiary, Vard Tulcea SA, increasing the shareholding in Tulcea to 100%.

99.996% of the shares in Tulcea are held by the company’s indirect subsidiary, Vard RO Holding SRL, and 0.004 are held directly by Vard Group AS.

The investment marks the conclusion of the company’s take over process which started in 2011, whereby over time Vard has brought out minority interest in Tulcea.