Ship 3D

Vard Acquires STX Marine for 10.5m

on February 26 | in News | by | with Comments Off

Great to see the presence, acknowledgment and recognition of Canadian firms in the future of marine development.

The following text was derived from Seatrade Global’s site.  Link can be found on bottom of this page.

Offshore vessels designer and builder Vard Holdings has spent approximately NOK65m ($10.5m) to acquire STX Canada Marine Inc, a marine engineering and design company.

The Vancouver-headquartered STX Canada Marine will be fully integrated with Vard Marine Inc, and operate under the Vard Marine name.

“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,” said Roy Reite, ceo and executive director of Vard.

Following the takeover deal, Vard Marine will provide a broad range of naval architecture and marine engineering services worldwide, including all aspects of ship design and production technology, total equipment and service packages, support for offshore, commercial and naval shipbuilding activities, among others.

Vard, majority owned by Italian shipbuilding group Fincantieri, was formerly named STX OSV when it was held by South Korea’s STX Group, which sought to raise cash to repay its debts.

Vard currently has an orderbook of 38 ship designs for vessels under construction, and 20 of these orders are for OSVs, constituting more than 20% of the overall OSV orderbook in the US.


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