Vard acquires STX Canada Marine - strengthens OSV expertise in North AmericaCompany News // June 5, 2015
Vard Holdings Limited has acquired STX Canada Marine, a leading marine engineering and design company with more than 30 years of experience in North America. The company was acquired for approximately NKr 65 million.
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.
Following the acquisition Vard Marine will provide a broad range of naval architecture and marine engineering services worldwide, 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.
The company currently has an orderbook of 38 designs for vessels under construction, for shipowners and yards worldwide. 20 of these are offshore support vessels and account for more than 20 per cent of the overall OSV orderbook in the US.
Vard's CEO and Executive Director Roy Reite said: "Through this acquisition Vard will be able to accelerate its growth strategy in North America, and we can rapidly strengthen our presence, capabilities and client relations in this important market."