Vard Secures Foothold in North America

Vard has acquired STX Canada Marine Inc., a North American-based marine engineering and design company, for approximately $10.5m.

According to Vard, the acquisition was made in order to accelerate the company’s growth in North America, as well as to access STXM’s portfolio of icebreakers, offshore vessels and semi-submersibles.

CEO and Executive Director at Vard Roy Reite said: “Through this acquisition VARD is really able to accelerate its growth strategy in North America, and we can rapidly strengthen our presence, capabilities and client relations in this important market.

We are excited about the opportunities this generates for VARD and welcome the new clients, business partners and employees to VARD.“

Following the acquisition, Vard Marine will be able to provide a broad range of naval architecture and marine engineering services world-wide, including all aspects of ship design and production technology, total equipment and service packages, support for offshore, commercial and naval shipbuilding activities, economic and technical feasibility studies, research and analytical investigations, and model tests and full scale trials.

Headquartered in Vancouver, Canada, with branch offices in Ottawa and Houston and a workforce of over 75 employees, the new acquisition will be fully integrated with Vard Marine Inc., and operate under the Vard Marine name.

The management directed by President Dave McMillan will continue, allowing the new organization to combine the best practices of Norwegian and North American marine engineering and design.

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Press Release; July 7th, 2014