VARD lands contract for one offshore vessel. Names new CFO

  • Business & Finance

Vard Holdings Limited (VARD), a designer and shipbuilder of offshore and specialized vessels, has secured a new contract for the design and construction of one offshore vessel for an undisclosed international customer.

According to VARD’s stock exchange filing on Wednesday, the new offshore vessel is designed by Vard Design in Ålesund, Norway. With the hull to be constructed at Vard Braila in Romania, outfitting and delivery is scheduled from Vard Langsten in Norway in 2017.

The shipbuilder did not disclose the name of the customer, nor he value of the contract.

As at September 30, 2015, the Group had 31 vessels in the order book, 18 of which will be of VARD’s own design.

New CFO

VARD also said on Wednesday that the Board of Directors had approved the appointment of Geir Ingebrigtsen, who is currently the Acting Chief Financial Officer, as the permanent Chief Financial Officer, effective November 10, 2015. Ingebrigtsen was named as acting CFO in May 2015 when the company was making organizational changes and a reshuffle of the Executive Management Team.

The company says that Ingebrigtsen will oversee the financial management and reporting of the Group.

The Audit Committee and the Nominating Committee have also recommended Ingebrigtsen’s promotion to the Board.

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