Home ShipmanagementShipbuilding and Shipyards Fincantieri buys and re-brands STX OSV

Fincantieri buys and re-brands STX OSV

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STX OSV will now be known as Vard, following its acquisition by Italian yard group, Fincantieri. STX Europe sold its majority stake in the offshore and specialised vessel division in January to Fincantieri’s Oil & Gas subsidiary. The Vard name is derived from the Norwegian word ‘varde’, which refers to a small tower of stones used since ancient times as a navigation mark along the coast to guide ships.

Chief executive officer and executive director of Vard, Roy Reite, said, ‘Vard conveys a sense of stability and strength, relevance and flexibility. More importantly, it reflects our long-standing Norwegian heritage, as well as our leading position within the offshore and specialised vessels industry globally.’

STX OSV employs approximately 9200 people and operates through ten shipyards around the world: five in Norway, two in Romania, one in Vietnam and one in Brazil, due to be joined by another currently under construction. In the past three years it has generated average revenues of approximately €1.6bn and EBITDA of approximately €190M. At the end of the third quarter of 2012 its order backlog was €2.1bn.

(source: IMarEST -Posted in: Shipping World & Shipbuilder 05March2013)

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