VARD acquires STX Marine

Vard Marine Inc.'s portfolio includes designs for Boldini S.A., currently under construction at Eastern Shipbuilding Group in Panama City, FL Vard Marine Inc.'s portfolio includes designs for Boldini S.A., currently under construction at Eastern Shipbuilding Group in Panama City, FL

JULY 5, 2014—Leading offshore vessel designer and builder VARD, a Fincantieri company, has strengthened its presence in the North American market with the acquisition of STX Canada Marine, Inc., for NOK65 million (about $10.5 million).

STX Canada Marine will now operate under the name Vard Marine Inc. The company is headquartered in Vancouver, BC, Canada, and has offices in Ottawa and Houston, TX, with a total of 75 employees. VARD says the management will continue under the guidance of President Dave McMillan, allowing the organization to combine the best practices of Norwegian and North American marine engineering and design.

Vard Marine, Inc., currently has an order book of 38 ship designs for vessels under construction worlwide, 20 of which are for offshore support vessels in the U.S.—representing a 20% share of the U.S. market. Among these are six dual fuel Platform Supply Vessels under construction at Gulf Coast Shipyard Group, Gulfport, MS, for Harvey Gulf International Marine, New Orleans, LA. The PSVs will be the first offshore support vessels in the U.S. with the ability to burn Liquefied Natural Gas (LNG) as fuel. Vard Marine has other designs under construction for Hornbeck Offshore Services, Inc., Boldini S.A., and Aries Marine.

VARD CEO and Executive Director Roy Reite said the acquisition would "accelerate" the company's growth strategy in North America and "rapidly strengthen" its presence in the market.