Roy Reite News

Fincantieri’s subsidiary Vard Holdings Limited (Vard), one of the major global designers and shipbuilders of specialized vessels, signed a contract with the Australian cruise operator Coral Expeditions for the design and construction of a second expedition cruise vessel. The unit will be named “Coral Geographer”, sister ship of “Coral Adventurer” which entered the owner’s fleet last April.As for the first vessel of the class, “Coral Geographer” will be 93.4 meters long, will have a guest accommodation capacity of 120…

Vard Holdings Limited has announced that it has secured a new contract for the design and construction of one luxury expedition cruise vessel for German cruise company Hapag-Lloyd Cruises. The new expedition cruise vessel will join Hapag-Lloyd Cruises HANSEATIC series, together with the two vessels that VARD already has under construction for the Germany-based cruise company. Developed by VARD in close cooperation with Hapag-Lloyd Cruises, the vessels are specially designed for cruises in polar regions in the Arctic and Antarctica…

Vard Holdings Limited reported having been selected by Prysmian Group for the design and construction of one cable laying vessel. The contract value, including owner supplied special equipment, amounts to approximately €170 million (approximately $205 million).The cable layer is designed by Vard Design in Ålesund, Norway. Vard and Prysmian are currently completing the vessel’s design and according to contract activation scheme the commencement of construction phase is foreseen by end 2018. The vessel is scheduled for delivery from Vard Brattvaag in Norway, in 4Q 2020. The hull will be built at Vard Tulcea in Romania. Several Vard subsidiaries are also involved in the project through deliveries of equipment and solutions.According to Vard…

Vard Holdings Limited said it has secured a new contract for the design and construction of a new stern trawler for HAVFISK AS. The contract value is slightly below NOK 400 million. The vessel will be the world’s first stern trawler with an integrated energy storage system, consisting of diesel mechanical/diesel electric propulsion and batteries. The energy storage system together with VARD’s SeaQ Power Management System for power optimization in all operations, will ensure low emission of carbon dioxide, NOx and noise.

She was right. Yesterday, Vard Holdings Limited announced that it has secured contracts for the design and construction of two luxury expedition cruise vessels for French cruise company PONANT. VARD’s close working relationship with PONANT dates back to the contracts for the construction of a series of four luxury expedition cruise vessels confirmed in 2016. The vessels were designed for voyages to tropical destinations and remote ports only accessible to small capacity ships. The two new vessels will be identical to their four sister vessels. The ice-class expedition cruise vessels are approximately 10,000 gross tons, about 131 metres long and 18 metres wide. Each vessel can accommodate 180 passengers in 92 staterooms and suites, with a spacious balcony each.

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.

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of specialized vessels has secured a contract for the design and construction of one krill fishing vessel for Aker BioMarine in Norway. The new and innovative vessel of VARD 8 10 design is specially developed for sustainable fishing operations in Antarctica. The vessel will measure 130 meters in length, have a beam of 23 meters, and will be equipped with state-of-the-art technology for environmentally friendly operations. Webjørn Eikrem, EVP Production and Supply Chain in Aker BioMarine says: “The new krill vessel will be equipped with the latest and most advanced technology. All plans and specifications are developed in cooperation with fishermen from Aker BioMarine and engineers from VARD.

Vard Holdings Limited (“VARD”)secured contracts for the construction of two LNG powered car- and passenger ferries for Torghatten Nord in Norway. The total contract value amounts to approximately NOK 600 million. The new car- and passenger ferries are designed for environmentally friendly operations in the Norwegian fjords, with a total capacity that is able to accommodate up to 180 cars and 550 passengers and crew. The ferries of Multi Maritime MM 125FD design will measure 130 meters in length with a beam of 20.7 meters, and will have a speed of approximately 18 knots. CEO and Executive Director Mr. Roy Reite commented, “I would like to welcome Torghatten Nord as a new client to 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…

Designer and builder of specialized vessels Vard Holdings Limited has entered into an agreement to acquire AS, an equipment supplier that provides feeding, measurement and control solutions to the aquaculture industry. The purchase price is approximately NOK 35 million. “Through this acquisition, VARD confirms its position as a provider of innovative solutions for the aquaculture business,” said Roy Reite, Vard CEO and Executive Director. Storvik Aqua has a production facility in Norway, as well as subsidiaries in Chile and Scotland, and a total workforce of 33 employees. The company will continue to operate under its existing brand name, but in close interaction with the Vard Aukra shipyard.

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of specialized vessels, is pleased to announce that it has secured contracts for the design and construction of two luxury expedition cruise vessels for German cruise company Hapag-Lloyd Cruises. A Letter of Intent (“LoI”) with respect to the contracts had been announced on 13 May 2016, with reference to an undisclosed international cruise company. Effectiveness of the contracts is still subject to customary financing conditions. Developed by VARD in close cooperation with Hapag-Lloyd Cruises, the vessels are specially designed for cruises in polar regions in the Arctic and Antarctica, but are also prepared for operations in warm water destinations such as the Amazon.

Vard Holdings Limited announced that it has secured a contract for the design and construction of three Module Carrier Vessels for Kazmortransflot (KMTF). The contract win was previously disclosed on July 29, 2016. The vessels, of VARD 9 28 design, will be operated by KMTF through a consortium led by Blue Water Shipping. The vessels, measuring 113 by 22 meters, are designed for transport in the Caspian Sea. All three vessels will be built at Vard Braila in Romania. Delivery is scheduled between 3Q 2017 and 1Q 2018. The aggregate contract price is approximately $70 million. The National Maritime Shipping Company “Kazmortransflot” is the National Maritime Carrier of the Republic of Kazakhstan.

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.

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…

Vard Holdings Limited secured a contract for the design and construction of 15 Module Carrier Vessels for Topaz Energy and Marine. The vessels, of VARD 9 21 design, are specially developed by Vard Design to navigate the shallow river systems as they transport modules through the Russian waterways to oilfields in Kazakhstan. Measuring 123 by 16.5 meters, the vessels are designed to carry high deck loads of up to 1800 tons. The vessels will be operated by Topaz through a consortium led by Blue Water Shipping for the end-client Tengizchevroil. Five of the vessels will be built at Vard Braila and four at Vard Tulcea in Romania, while the remaining six will be built at Vard Vung Tau in Vietnam. Delivery is scheduled between 3Q 2017 and 2Q 2018.

Norwegian offshore shipbuilders VARD have announced a deal with French luxury cruise ship operator Ponant for the construction of four luxury expedition cruise vessels, for delivery in 2018 and 2019. The vessels will be developed by Vard, Ponant, and Fincantieri. The ice-class expedition cruise vessels will be approximately 10,000 gross tons, about 128 metres long, 18 metres wide and will have a cruise speed of 15 knots. Each vessel can accommodate 180 passengers (92 cabins) and a crew of 110. The vessels will be arranged with luxury facilities on board, fulfilling the highest demands for environmentally friendly and safe operations.

Vard Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels has secured a new contract for the design and construction of one stern trawler for HAVFISK ASA (“HAVFISK”). The contract value is approximately NOK 325 million. The new vessel will be of VARD 8 02 design. With a length of 80 meters and featuring two separate cargo holds for refrigerated and frozen fish, a fish factory and a freezing capacity of 80 tons per 24 hours, the trawler will be the first of its kind. Developed by Vard Design in Ålesund, the new vessel design reflects a high focus on safe operations, efficiency, cargo handling and the crew’s wellbeing. The hull will be built at Vard Braila in Romania.

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.

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, has secured new contracts for the design and construction of two Offshore Subsea Construction Vessels (“OSCV”) for a new customer, Dubai-based Topaz Energy and Marine (“Topaz”). Specially developed for crane operations and light subsea construction with intervention duties, the vessels will be of VARD 3 08 design, measuring a total length of 98.1 meters with a beam of 20 meters. Designed by Vard Design in Ålesund, Norway, and with hulls to be constructed at Vard Tulcea in Romania, delivery is scheduled from Vard Brattvaag in Norway in 3Q 2017 and 4Q 2017 respectively. The aggregate value of the two contracts exceeds USD 100 million. Mr.

Vard Holdings Limited has secured a contract worth approximately NOK 350 million for the construction of one stern trawler for a new Canadian client. The ice-classed vessel will be 79 meters long, 16.6 meters wide and is of Rolls-Royce NVC 374 design. Developed for shrimp trawling in the harsh environments of the North Atlantic, it also features an on board shrimp processing plant. Delivery is scheduled from Vard Aukra in Norway in the fourth quarter of 2016, and the hull of the vessel will be built at Vard Braila in Romania.

Offshore shipbuilder Vard Holdings reported a net loss of $40mln in the first quarter, on back of unrealized foreign exchange losses from a 15-year USD-denominated yard construction loan in Brazil. Net foreign exchange losses in the quarter amounted to $37mln. The group did not secure any new orders in the quarter. Consequently, order book value at the end of the quarter amounted to $2.8bln, representing a 28% decrease compared to the same period last year. “We expect weak order flows to be a prevalent theme in 2015. To mitigate the effects of lower yard activity, we aim to streamline the cost structure of our business over the next few months,” said Roy Reite, ceo and executive director of Vard.

Vard Holdings Limited (“VARD”) has secured a contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”). The vessel will be of VARD 3 17 design, with a total length of 98 meters and a beam of 21.5 meters, and has been developed especially for subsea and IMR operations. It is arranged for two ROVs (Remote Operating Vehicles) and features a 150 ton active heave compensated offshore crane. The vessel was designed by Vard Design in Ålesund, Norway, in close cooperation with Farstad and Technip. Farstad has been awarded a five year framework agreement by Technip Norge for delivery of ROV support operations, light construction work, IMR and other subsea related activities, which will be fulfilled with this newbuild vessel.

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, stated that the surveillance vessel “Marjata” was named at Vard Langsten by the Norwegian Prime Minister, Mrs. Erna Solberg. The vessel was contracted by the Norwegian Defence Logistics Organisation in 2011 and will be operated by the Norwegian Intelligence Service. It is especially equipped for surveillance activity in the Barents Sea and the High North, and is one of the most technologically advanced of its kind world-wide. The naming ceremony for the vessel took place on 6 December 2014 and was attended by the Minister of Defence, Mrs. Ine Eriksen Søreide, as well as high-ranking representatives of the Norwegian Armed Forces and Norwegian Intelligece Service.