Vard 2014 Order Book Bulging: Q1 2014 Report

Posted by George Backwell
Monday, April 28, 2014
Image credit Vard Holdings

Joint Singapore/Norway based offshore & specialised vessel designer and shipbuilder, Vard Holdings, has released its first quarter 2014 financial results, showing its order book value at a five-year high.

Highlights

  • Exceptionally high order intake of NOK 5.5 billion, securing eight new vessels in 1Q2014
  • Order book at five-year high
  • Stable first quarter revenue of NOK 2.7 billion
  • Successful completion of one more vessel at Vard Niterói
  • Group retains positive outlook for subsea support and construction vessels

Overall improved load situation and utilization of yards
During the quarter, one of the delayed vessels at Vard Niterói was completed, reducing the yard’s load from its peak in the fourth quarter of the last financial year.

Vard Promar, the Group’s second Brazil yard, is in the final stage of construction, with the installation of the gantry crane to be finalized in July 2014.

On the back of three new contracts secured during the quarter, Vard Vung Tau’s order book lengthened, and yard utilization improved immediately. All projects at the Vietnam yard are progressing well.

The investment program at Vard Tulcea in Romania was completed, leading to a positive development in productivity. The hull yards in Romania experienced high workload in 1Q2014, while the outfitting yards in Norway generally observed a good level of yard utilisation.

Positive outlook from continued strong demand for subsea support and construction vessel segment
The Group says it remains positive on order activity for the full year 2014, but also considers the order intake in 1Q2014 to be exceptional. VARD expects to see continued strong demand from the subsea support and construction vessel segment despite concerns over the rising production cost in the oil & gas industry. Average vessel size and complexity are expected to continue to increase.

Roy Reite, Chief Executive Officer and Executive Director of VARD, commented, “We have had a promising start to the new year, and continue to reinforce our position as a market leader, and strengthen partnerships with new and repeat customers. We are excited for the upcoming projects in 2014 and are confident of building upon our solid fundamentals to tap on future growth opportunities.”
 

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Senate Confirms Three to Serve on Federal Maritime Commission

The U.S. Senate has confirmed the nominations of three individuals to serve as Federal Maritime Commissioners: Rebecca F. Dye, Michael A. Khouri and Daniel B. Maffei.

Xeneta: No Silver Lining for Container Shipping in Brexit Storm

Xeneta, a  global benchmarking and market intelligence platform for containerized ocean freight, believes that the UK’s decision to leave the European Union will

PALFINGER Finalizes Harding Acquisition

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving

Shipbuilding

Norsafe Secures Contract with VARD Group

Norsafe informs it has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of 15 new vessels.    Topaz Energy

NASSCO Wins Six Ship U.S. Navy Contract

General Dynamics NASSCO, a subsidiary of General Dynamics (NYSE: GD), won a contract by the U.S. Navy for the detailed design and construction of the next generation of fleet oilers,

Austal Stops Shares Trading

Review of U.S. Ops Reportedly Underway The West Australian reported that Austal halted its shares from trading, and reportedly is in the process of reviewing its U.

Offshore

Norsafe Secures Contract with VARD Group

Norsafe informs it has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of 15 new vessels.    Topaz Energy

India’s Potential in Offshore Wind Power

The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India.

Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it

Finance

Baltic Index Rises on Increased Demand Across Segments

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday on higher demand across all vessel segments.

PALFINGER Finalizes Harding Acquisition

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving

Beijing Slams South China Sea Court Proceedings

Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against

 
 
Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1201 sec (8 req/sec)