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Promar News

01 Mar 2018

Vard Order Intake Zooms

With 13 new contracts secured in Q4 2017, VARD Holdings Limited's order intake of NOK 3.79 billion in the quarter increased the full year order intake ended December 31, 2017 to NOK 8.28 billion. The new contracts include a luxury polar expedition cruise vessel for a return customer, PONANT. The vessel is the first electric hybrid cruise icebreaker with dual fuel propulsion, featuring high-capacity batteries and LNG storage on board. The vessel is specially designed to take passengers to polar destinations. Having strengthened its position in the fisheries and aquaculture market during the year, VARD was also awarded contracts for seven trawlers, two fish farming operation platforms, and three service/freight-and-service vessels.

07 Feb 2017

Huisman's Brazil Arm Delivers Its First Crane

Photo: Huisman

Huisman said it is about to deliver the first crane built and tested at its production facility in Navegantes, Santa Catarina state, in the south of Brazil. This 50mt (Deck) Knuckle Boom Crane is the first of an order of two 50mt (deck) Knuckle Boom Cranes for DOF/Technip’s Skandi Olinda and Skandi Recife which are currently being built at Brazilian shipyard VARD Promar. These 50mt cranes (by a SMST design) are completely manufactured and tested at Huisman Brazil. In addition to these two cranes…

10 Nov 2016

Diversification Strengthens Vard’s Order Book

Following the recent closure of the Vard Niterói shipyard, VARD is now concentrating all its Brazilian shipbuilding activities on Vard Promar (Photo: Vard)

Designer and builder of specialized vessels Vard Holdings Limited announced its financial results for the third quarter ended September 30, 2016 (3Q 2016) and nine months ended September 30, 2016 (9M 2016). VARD said its diversification strategy is continuing to yield promising results, generating strong order flows in 3Q 2016. A total of seven new contracts were garnered by the group during the quarter, in addition to the confirmation of an order for four ice-class expedition…

05 Aug 2016

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.

22 Jul 2016

Vard Reports High Order Intake from Non-offshore Markets

New order intake of NOK 6.2 billion from contract wins for 19 vessels. Vard Holdings Limited (“VARD”, and together with its subsidiaries, the “Group”), one of the major global designers and shipbuilders of offshore and specialised vessels, today announced its financial results for the second quarter (“2Q 2016”) and first half (“1H 2016”) ended 30 June 2016. VARD is committed to fostering new networks and growing its customer base beyond its traditional core markets, and has seen encouraging results thus far. Over the past quarter, the Group secured a total of 19 new shipbuilding contracts for a total new order intake of NOK 6.2 billion, making 2Q 2016 the best quarter in terms of order acquisition since 2013.

12 May 2016

Vard Back in the Black

Presenting its financial results for the first quarter ended 31 March 2016 today Vard Holdings Limited announced a net profit of NOK 43 million for the period, as compared to a loss of NOK 226 million a year back. Over the past quarter, VARD had focused on efforts to grow in new markets while streamlining its cost structure, to weather the effects of the ongoing oil and gas down cycle. With its core market for high-specification offshore vessels showing continued signs of weakness, the Group had strengthened its expertise and networks in new markets, recording breakthroughs in the expedition cruise vessel and aquaculture markets. Revenue fell 34% year-on-year to NOK 2.02 billion in 1Q2016…

11 Jan 2016

Vard Brazil Shipyard Makes First Delivery

Vard Holdings Limited, a global designer and builder of offshore and specialized vessels, has delivered its first vessel from the group’s newest shipyard, Vard Promar in Brazil, on January 8, 2016. The vessel, a 7,000 m3 fully pressurized Liquefied Petroleum Gas (LPG) carrier, is the second in a series to be delivered to Petrobras Transporte S.A. (Transpetro), and the first to be built entirely at and delivered from Vard Promar. The delivery marks an important milestone in the development of the new shipyard, and for VARD’s operations in Brazil. As of December 31, 2015, VARD had 29 vessels in its order book, eight of which for delivery from the group’s two shipyards in Brazil.

11 Nov 2015

Vard's Big Loss

Singapore-listed Vard Holding sank deeper into the red as third-quarter losses widened to S$80.2 million. The losses were attributed to the dual challenge of a severe cyclical downturn in its core market, and managing the turnaround of its Brazilian operations. Revenue for the three months to Sept 30 fell 19 per cent to S$375 million, due to reduced activity at some of the European shipyards amid a prolonged industry down-cycle, said Vard Holdings in a filing to the Singapore Exchange on Wednesday (Nov 11). "We will continue to pursue cost improvement initiatives and organisational changed to streamline our business, and make the company competitive to seize new business opportunities," said chief executive and executive director Roy Reite.

24 Sep 2015

Second Damen PSV for Promar

Photo courtesy of Promar

Press release - In January 2014, an order was placed with Damen Shipyards Group for two Platform Supply Vessels (PSV). The first vessel, Mamola Reliance, was delivered in February 2015 and is currently in service, managed by PROMAR, in the West African market. This second vessel, Mamola Defender, is expected to be operational in the same region. The naming ceremony of the vessel took place on September 23, 2015. Both vessels are at the forefront of technology in terms of equipment.

10 Mar 2015

Promar Christens First of Two Damen PSVs

Photo courtesy of Promar

Promar Shipping Services has christened the first of two Damen PSV 3300 vessels built at Damen Shipyards Galaţi in Romania. The Mamola Reliance will operate on the West African oil and gas market. Following the official handover on February 23, the Mamola Reliance set sail for West Africa. En route she stopped off in Barcelona for her naming ceremony. The ceremony was attended by Promar’s CEO, Bertrand Prezioso, CFO, Olivier Utz and COO, Christophe Mansuy. Damen Sales Manager Andrea Trevisan also attended the ceremony.

10 Sep 2014

Damen Launches First PSV 3300 for PROMAR

Photo: Damen

Offshore ship manager PROMAR recently marked a milestone with the sideways launch into the Danube of the first of its two Damen PSV 3300s on order. On delivery in February 2015, the Swiss company believes the 80-metre Mamola Reliance will give them a valuable competitive edge in the West African oil and gas market. On September 4, Damen Shipyards Galati launched the PSV 3300 Mamola Reliance at an official ceremony at the yard in Romania. Damen platform supply vessels have become a familiar sight on the Danube since Damen introduced its range of high specification designs up to 6,300 dwt.

09 Sep 2014

Realizing the Promise of Brazil Shipbuilding

If and when Brazil gets its maritime act together, oh what a shipbuilding market force it could be. The modern Brazilian shipbuilding industry was established in the 1960s, induced by a broad and effective governmental policy. The 1960s and 1970s saw the rise of the merchant marine and shipbuilding industry in Brazil. The creation of the “Merchant Marine Fund” and the “Tax for the Merchant Marine Renewal,” in 1958, together with other specific targets set by the government at that time, made investments available to the shipbuilding industry and for the development of the merchant marine in general. Counting on such incentives, new shipyards such as Ishibras and Verolme were built…

22 Jul 2014

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”), and first half ended 30 June 2014 (“1H2014”). Revenues for 2Q2014 were NOK 2.94 billion, in line with the corresponding period of 2013 (“2Q2013”), and revenues for 1H2014 registered at NOK 5.61 billion. Signalling a gradual recovery in profitability, EBITDA rose for the fourth consecutive quarter to NOK 189 million. In addition, Vard reports that in 2Q2014, VARD recorded a healthy order intake of NOK 2.7 billion following five new vessel contract wins across all three of VARD’s major vessel segments.

28 Apr 2014

Vard 2014 Order Book Bulging: Q1 2014 Report

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. 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.

19 Mar 2014

Kongsberg Technology Chosen for 10 Petrobas Newbuilds

DP Controls: Image courtesy of Kongsberg Maritime

Kongsberg Maritime inform it has been contracted to deliver substantial technology packages for ten new pipelaying vessels ordered by Brazilian multinational energy corporation, Petrobras. In contracts valued approx. NOK 118 Million, the scope of supply includes Kongsberg Maritime's leading offshore vessel technology including Dynamic Positioning (DP), position reference systems, propulsion control and automation. Six 550-tonne laying tension capacity pipelayers will be built at IHC Merwede in The Netherlands for delivery in 2015 and 2016.

17 Mar 2014

Kongsberg to Equip 10 Newbuild Pipelayers

Kongsberg Maritime has been chosen to deliver substantial technology packages for ten new pipelaying vessels ordered by Brazilian multinational energy corporation, Petrobras. In contracts valued approx. NOK 118 Million, the scope of supply includes Kongsberg Maritime’s offshore vessel technology including Dynamic Positioning (DP), position reference systems, propulsion control and automation. Six 550-tonne laying tension capacity pipelayers will be built at IHC Merwede in The Netherlands for delivery in 2015 and 2016. Three of the vessels, for Subsea 7, are identical designs to the recently launched ‘Seven Waves’, and will feature the same K-POS DP22 dual redundant DP system including HiPAP acoustic positioning system and other position reference systems from Kongsberg Maritime.

14 Mar 2014

Damen Completes PSV Order for World Wide Supply

World Sapphire (Photo: Damen)

The official christening of the World Sapphire marks the completion of a six-ship order whereby Damen Shipyards has delivered six Platform Supply Vessels (PSVs) to Norwegian company World Wide Supply (WWS) AS in just six months. The Damen PSV 3300 features a radical design rethink, with a wave piercing bow, slender hull lines and diesel electric propulsion with azimuth stern drives, combining to optimize seakeeping and fuel efficiency. The 80.1 m, 1,500-metric-ton deck capacity vessel also has DP2 capability.

31 Jan 2014

PROMAR Orders Two Damen PSVs

Damen PSV 3300

Swiss company PROMAR has ordered two Platform Supply Vessels from Damen Shipyards Group as it looks to further expand the offshore fleet under its management in the next five years. The first Damen PSV 3300 will be delivered in February 2015, and the second in August of the same year. Commenting on why the company chose a Damen vessel, Olivier Meynis de Paulin, Chartering Supervisor said, “The PSV 3300is at the forefront of technology in terms of equipment, being modern and reliable. PROMAR expects to employ the two vessels in the West African market. “West Africa is well-known to us.

06 Nov 2013

DNV GL to Class Two Brazilian Pipe Laying Vessels

The two pipe laying vessels (PLSVs) are to be built at the brand new Vard Promar yard in Recife, in the North East of Brazil. The order is part of four OSVs by DOF/Norskan and Technip, important customers for Vard. The other two of these vessels are to be built in Norway, also to DNV class. The new Vard Promar yard in North East Brazil represents a significant expansion of Brazil’s shipbuilding capability as more yards will be built outside of Rio de Janeiro. At 340 tons, the Brazilian built vessels will be among the most complex vessels ever constructed in Brazil.

12 Aug 2013

Vard Signs Historic $1.1B Shipbuilding Order

Vard Holdings Limited  secured contracts with joint ventures of DOF Subsea and Technip for the design and construction of four Pipe Lay Support Vessels (PLSVs), a contract which is the largest order in VARD’s history, with an aggregate order value of approximately $ 1.1 billion (NOK 6.5 billion). Two of the vessels, of VARD 3 05 design (151 x 30 m) will be delivered in 2Q 2016 and 3Q 2016 respectively. The hulls of these vessels will be built at Vard Tulcea in Romania and outfitted at Vard Søviknes in Norway.

24 Jul 2012

GHENOVA Ingeniería selects AVEVA Marine

Decision follows contract win with STX Promar Shipyard for eight LPG tankers. AVEVA Marine has been selected for implementation by GHENOVA Ingeniería, an International Engineering Company. This follows the signing of a contract between GHENOVA and STX Promar Shipyard. This contract allows the detailed engineering of eight LPG tankers for Transpetro, Petrobras’ logistics and fuel transportation company. The agreement consists of products from the AVEVA Marine portfolio (Hull, Outfitting, Cable Design) and AVEVA Global.

19 Aug 2011

Hamworthy to Open New Service Center in Brazil

International fluid handling specialist Hamworthy is to open a new dedicated service centre in Brazil. The new service center represents a direct investment in a market that has offered sustained growth for the company’s oil and gas handling systems and pump systems businesses in recent years. With offices in Rio and planned workshops and warehousing operations in Macae  it will support customers through easy access to spare parts from a domestic warehouse and qualified service personnel for all Hamworthy products, as well as related products and equipment installed onboard. The service centre will also offer assistance to domestic yards during the installation and commission stages of construction.

29 Mar 2011

Transpetro Receives Proposals For The Construction of Eight Product Ships

This Friday, March 25, Transpetro received the technical and commercial proposals concerning the bidding for eight ships to be used in the transportation of oil by-products under the Fleet Modernization and Expansion Program (Promef). Proposals were received from Estaleiro Ilha S.A. (Eisa) and Estaleiro Mauá, both established in Rio de Janeiro. Initially, the Bid Committee will review the technical proposals, according to the requirements in the bid notice. Afterward, the technical proposals will be opened. The results will be announced on a date yet to be defined.