Vard Holdings acquires STX Canada Marine Inc

By Joseph R. Fonseca
Sunday, July 06, 2014
Vard, Built on Trust

 

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, has acquired STX Canada Marine Inc., a leading marine engineering and design company with more than 30 years history in North America, for approx. NOK 65 million.

Headquartered in Vancouver, Canada, with branch offices in Ottawa and Houston and a workforce of over 75 employees, the new acquisition will be fully integrated with Vard Marine Inc. (“Vard Marine”), and operate under the Vard Marine name. The management directed by President Dave McMillan will continue, allowing the new organization to combine the best practices of Norwegian and North American marine engineering and design.

Following the acquisition Vard Marine will provide a broad range of naval architecture and marine engineering services world-wide, including all aspects of ship design and production technology, total equipment and service packages, support for offshore, commercial and naval shipbuilding activities, economic and technical feasibility studies, research and analytical investigations, and model tests and full scale trials.

Vard Marine specializes in the development of advanced technology and its application to offshore and specialized vessel designs. Its portfolio ranges from offshore support vessels, offshore subsea construction vessels, semi-submersibles, and icebreakers to research, naval and patrol vessels, and will complement VARD’s existing product portfolio of vessel designs and equipment. The company currently has an order book of 38 ship designs for vessels under construction, for ship owners and yard customers worldwide. 20 of these orders are for offshore support vessels (“OSV”), constituting more than 20% of the overall OSV order book in the US.

CEO and Executive Director Roy Reite commented, “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. “

Maritime Today


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

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

Technology

Norbulk Selects Parker Kittiwake’s Cat Fines Test Kit

Parker Kittiwake, a leading global supplier of asset control and protection technology, has today announced a significant order of its recently launched Cat Fines

European Consortium Launches Blue Nodules Project

On 1 February a European consortium launched a new Horizon 2020 project: Blue Nodules. This project addresses the challenge of creating a viable and sustainable

Seafarers help Sought to Improve Onboard Design

The Nautical Institute and CIRM (the principal international association for marine electronics companies) today launched a joint initiative to improve the usability

Shipbuilding

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Damen Builds Cable Installer For Maersk Supply Service

New Damen-built vessel for Maersk Supply Service to undertake long-term charter with DeepOcean   A newbuild DP2 cable installation vessel, Maersk Connector, was

Navigation

New Autonomous Control System Launched

Sea Machines Robotics of Cambridge, Mass. announced the release of its Autonomous Control System (ACS), an advanced vessel control system which converts manually

Videotel, Safebridge JV for Onboard ECDIS Certification

Videotel, a provider of e-Learning maritime training solutions and a company of KVH Industries, has joined forces with online maritime training business Safebridge GmbH,

DNV GL, RS Ink Cooperation Deal

DNV GL’s Maritime CEO Knut Ørbeck-Nilssen recently met with Konstantin Palnikov, Director General of the Russian Maritime Register of Shipping (RS), at the RS head office in St.

Naval Architecture

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Seafarers help Sought to Improve Onboard Design

The Nautical Institute and CIRM (the principal international association for marine electronics companies) today launched a joint initiative to improve the usability

Campaign for Webb at $28 Mln and Counting

Webb Institute’s Campaign Cabinet, led by President Keith Michel ’73 and Campaign Chair Joseph Cuneo ’57 announced that $28 million (70 percent) of the $40 million

News

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

First Panama Canal Water-Saving Basin Filled

The Panama Canal Authority (ACP) announced that the first water-saving basin of the Agua Clara Locks’ upper chamber has been filled to the required level in order

Mergers & Acquisitions

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

COSCO Also Eyes Greek Train Network

China's COSCO already the sole bidder for Greece's Piraeus Port. Buying both would give COSCO a European transhipment hub. China's COSCO is expected to make

Offshore Energy

HHI to Localise Main Equipment for Offshore Plants

Hyundai Heavy Industries and Doosan Heavy Industries Collaborate in Localizing Main Equipment for Offshore Plants   Seoul, South Korea – February 4 – Hyundai Heavy Industries (HHI),

FUGRO Wins BHP Pyrenees Contract

Fugro has been awarded a contract by BHP Billiton Petroleum Pty Ltd for the Pyrenees Phase 3 Installation Project.   The Pyrenees development is located offshore Western Australia,

Iqarus Acquires C-CHEC at Subsea Expo

Offshore and onshore health and medical solutions company Iqarus is set to acquire occupational hygiene consultancy C-CHEC to deliver a new integrated offering to global industries.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar
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: 0.1938 sec (5 req/sec)