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    Brazilian yard drags down Vard

    Yard News // July 12, 2013

    Vard in Norway has reported revenue of NKr 2,945 million and EBITDA of NK 121 million for the second quarter ofá2013. TheáEBITDA margin, representing EBITDA to total operating revenues, of 4.1 per cent for the second quarter ofá2013, was downáfrom 13.8 per cent in the same quarter in 2012.

    Vard's new shipyard in Brazil, Vard Promar, started production on schedule in June; construction of the yard willábe completed in the third quarter of 2013, butáproblems at the company's existing yard in Brazilásignificantly affected overall group performance.áVard Niterˇi made a negative contribution in the period due to continued operational challenges.

    Operations elsewhere in the group were not affected by the challenges in Brazil andáVardáwitnessed the delivery of seven successful projects, including prototype vessels and projects with very short lead times, from its Norwegian yards.

    Several major investments in Tulcea, Romania, are scheduled for completion in the third quarter ofá2013, giving what the company described as "an excellent platform for future competitiveness."

    Workload in Romania remains high, but yard utilization in Vietnam is at sub-optimal level following the delivery of the second-to-last vessel in the orderbook.

    Operations of the company as a whole remain profitable for the year to date despite the negative results
    for the second quarter of 2013.á

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