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 controversial delisting of several locally-listed companies so far this year.

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 worldwide operations in all weather and sea conditions, both inshore and offshore.

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 says the 80m-long stern trawler with a beam of 17m is of VARD 8 02 design, and will be developed by VARD Design in Ålesund, Norway, based on VARD’s enhanced trawler designs.

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 the delisting proposal.

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.

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.

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 developed by Vard Design in Norway while the hulls will be built by Vard in Romania.

Their deliveries are scheduled for the second quarters of 2021 and 2022, respectively.

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 seine drums developed by Seaonics, which will deliver a winch package of two seine drums, two net drums and one cod end winch.

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 million in the corresponding period. Excluding the effects of the reassessment, EBITDA before restructuring costs would have been NOK 62 million for 4Q17, in line with a year ago.

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. The ferry, designed by Multi Maritime, will measure 74 metres in length with a beam of 14.20 metres, and will have a total capacity of up to 60 cars and 199 passengers and crew.

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