Vard Takes Control of Vard Promar, Brazil
Vard Holdings Limited (VARD) has increased its ownership stake in its indirect subsidiary in Brazil, Vard Promar, to 95.15%. Vard Promar, previously held 50.5% by VARD’s wholly-owned subsidiary, Vard Group AS, and 49.5% by a local partner, PJMR Empreendimentos Ltda. (“PJMR”), is the newest shipyard asset in the VARD portfolio. Following the recent closure of the Vard Niterói shipyard, the Group will concentrate all its Brazilian shipbuilding activities on the new yard, located in the Suape industrial area, in the state of Pernambuco. The shipyard, built between 2011 and 2013, has so far delivered one Liquefied Petroleum Gas (LGP) carrier for Transpetro, and is in the final stages of construction of a second one.
Eight Contracts for New STX Shipyard in Brazil
On July 9, 2010 Estaleiro Promar S.A. signed eight contracts to build LPG Carriers for Transpetro, the shipping arm of the Brazilian oil giant Petrobras. The contracts amounts $536m, comprising the construction of two different types of LPG Carriers: fully pressurized with cargo capacity of 7.000 m3 (4 units) and 4.000 m3 (2 units) and semi-refrigerated with cargo capacity of 12.000 m3 (2 units). These vessels are part of the PROMEF 2, the second phase of the ambitious Transpetro's Fleet Modernization and Expansion Program and are scheduled to be delivered within Q3 2013 to Q4 2015. STX Norway Offshore is developing the new shipyard in Brazil together with its Brazilian long-time partner PJMR Empreendimentos Ltda. STX Norway Offshore AS own 50.5% of Estaileiro Promar S.A.
