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    Vard makes changes in Norway and Romania

    Yard News // November 12, 2015

    Vard says activity levels at its shipyards in Romania and Norway continue to decline but its yard in Vietnam is in a better situaiton.

    In a statement the company said the situation in Norway and Europe was primarily the result of a shortfall of new orders and postponement of deliveries in its orderbook. To mitigate the effects of slowing yard utilisation, the group continues to explore cost reduction and efficiency improvements. At Vard Tulcea, the larger of the group’s two shipyards in Romania, a formal restructuring process is ongoing.

    Vard says what it described as "a substantial number of engineering resources" have been subcontracted to Vard’s parent group, Fincantieri, in order to retain highly skilled staff. Vard Tulcea also recently delivered the first steel sections for a cruise ship which Fincantieri is building and opportunities are being evaluated so see how the yard can do more work of this type. In Norway, temporary layoffs are being used to buffer some of the effects of under-utilization.

    However, Vard said that operations and yard utilisation at Vard Vung Tau in Vietnam remain robust, with the delivery of two vessels during the first nine months of 2015.

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