Vard Holdings

SGX RegCo proposes new delisting rules to protect minority interests
SINGAPORE (Nov 9): The Singapore Exchange Regulation (SGX RegCo) is proposing several changes to its delisting rules for Singapore companies, and expects to implement the new delisting rules next year. A public consultation is now open to market feedback, and will close on Dec 7. SGX RegCo’s move comes in the wake of many upset minority shareholders who had felt oppressed by the ...
VARD announces $840 mil contract win after delay in delisting EGM
SINGAPORE (June 25): VARD Holdings has secured a contract worth over NOK 5 billion ($840 million) to construct three coast guard vessels for Norway’s Norwegian Defence Materiel Agency (NDMA), an agency directly under the Royal Norwegian Ministry of Defence. In a Monday filing, VARD says the new vessels will replace Norway’s Nordkapp-class coast guard vessels, and will be tailor-made for ...
VARD bags $66 mil contract to build trawler for Norwegian fishery
SINGAPORE (May 24): VARD Holdings has secured a new contract valued at NOK 400 million ($66.4 million) for the design and construction of one stern trawler for Nergård Havfiske AS, which is part of Norwegian fishery Nergård group. Delivery of the vessel is scheduled from VARD Brattvaag in Norway in 1Q 2020 and the hull will be built at VARD Braila in Romania. In a Thursday filing, VARD ...
Will VARD be able to convince its shareholders to say yes to it delisting?
SINGAPORE (May 11): VARD Holdings announced on May 10 that it would submit an updated draft circular for its delisting proposal to the Singapore Exchange for a review. Its major shareholder Fincantieri Oil & Gas has also extended the deadline for the 25 cents exit offer to minority shareholders. VARD will hold another extraordinary general meeting at which shareholders will vote again on ...
Will VARD minority shareholders turn up in force to stop the company’s delisting?
SINGAPORE (Apr 27): S Nallakaruppan owns 220,800 shares in shipbuilder VARD Holdings and plans to vote against the resolution to delist the company at its extraordinary general meeting (EGM) scheduled for April 30. But he knows there is very little chance of blocking the resolution. As at April 25, Fincantieri Oil & Gas, the controlling shareholder of VARD, had already amassed 982.7 ...
Vard wins $67 mil contract to build stern trawler
SINGAPORE (Apr 10): Vard Holdings, the shipbuilder of specialised vessels, has secured a new contract for the design and construction of one stern trawler for up to NOK 400 million ($67.4 million). The buyer is Havfisk, Norway's largest trawler company with a fleet of 10 vessels. Its primary catch are cod, haddock and saithe fishing. The new vessel is of Vard 8 02 design. With a length of ...
Vard signs LOI to build two environmentally-friendly Viking cruise vessels for $750 mil
SINGAPORE (Apr 4): Vard Holdings has signed a letter of intent (LoI) to design and construct two environmentally-friendly cruise vessels for Viking, a Swiss cruise line which currently operates a fleet of more than 60 vessels, for a potential contract value of NOK 4.5 billion ($750 million). Both parties mutually intend to enter into a final contract by mid-2018. The two vessels are to be ...
Vard secures contract for fishing vessel construction worth $10.1 mil
SINGAPORE (Mar 15): Vard Holdings has secured a NOK 60 million ($10.1 million) contract for the construction of a fishing vessel for Norwegian-based AS Remøybuen. The fishing vessel is classified for deep sea fishing and is a combined long liner and Danish seiner that will be able to accommodate a crew of 11 persons on board. The vessel will feature the first-of-its-kind electric-driven ...
Vard sees 4Q losses double to NOK 131 mil on lower margins after reassessment
SINGAPORE (Mar 1): Vard Holdings reported a doubling of 4Q17 losses to NOK 131 million ($22.2 million) from its net loss position of NOK 67 million a year ago. The group mainly attributes this to a reassessment of its net realizable value (NRV) of vessels held in inventory which resulted in a lower EBDITA margin. This resulted in EBITDA falling to NOK 8 million in 4Q, down from NOK 67 ...
Vard wins contract to build car and passenger ferry
SINGAPORE (Jan 5): Vard Holdings, the shipbuilder of specialised vessels, has secured a contract of undisclosed value for the construction of one car and passenger ferry for Boreal in Norway. The new car and passenger ferry features a fully electrical battery solution for continuous electric operations, and is specially designed for environmentally friendly operations in the Norwegian fjords. ...