VARD Establishes New Subsidiary in Canada

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, has established a new subsidiary for ship design, engineering and sales activities in Canada.

Vard Marine Inc. (“Vard Marine”) is a ship design and marine engineering company providing solutions for offshore and specialized vessels such as offshore support, subsea construction and naval vessels as well as ferries and passenger vessels. Building on VARD’s unique expertise designing, constructing and developing integrated solutions for highly customized vessels, Vard Marine aims to grow to a leading position in the North American market.

CEO and Executive Director Roy Reite commented, “Our establishment in Canada is VARD’s first foothold in North America. We are now ready to build new relations and position ourselves as a major player in an interesting region with large opportunities.”

VARD provides a wide range of services including ship design, marine electronics and electrical systems, equipment packages and support for all aspects of the shipbuilding process. The new subsidiary will offer such services as part of their product range.

Vard Marine is a wholly owned subsidiary of Vard Group AS. The paid-up capital of the new company is CAD 50,000 which is funded by internal sources and the investment is not expected to have any material impact on the earnings per share or the net tangible assets per share in VARD for the current financial year.