SINGAPORE (Nov 12): Maybank Kim Eng is maintaining its “sell” recommendation for Vard Holdings and lowering its target price to 22 cents from 35 cents.

The builder of offshore support vessels missed Maybank’s 3Q estimate 3Q15 by posting a net loss of NOK486 million ($80 million), a historical low.

EBITDA margins were a negative 20.6%, dragged down mainly by cost overruns and provisions for LPG projects in Brazil.

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