Streamlining at Vard

Streamlining at Vard

Fincantieri is moving to streamline its VARD subsidiary, concentrating shipbuilding activities at three core yards.

According to a spokesperson, in order to increase VARD’s cost efficiency and to secure a stable workload in the Norwegian part of the Group in the years to come, the board has decided to concentrate its shipbuilding activity at three core shipyards in Norway: Vard Brattvaag, Vard Langsten and Vard Søviknes. Two yards will be sold or closed down: Vard Aukra and Vard Brevik.

VARD is currently in a sales process for the Vard Aukra facility. Negotiations are ongoing with the municipality of Aukra and potential local buyers. The parties have a positive dialog in the negotiations, and has signed a Letter of Intent (LOI), the spokesperson stated. A due diligence work process is ongoing. It is expected that the process will continue, with a potential final solution in the first quarter of 2020.

VARD has also started considerations about a potential sales of the business at Vard Brevik.

The downsizing is due to lack of work at the two mentioned shipyards that previously relied on the offshore industry .

The move does not affect Vard’s cruise ship orders for Ponant, Coral Expeditions, Hapag-Lloyd and Viking Ocean.

Photo: Vard Langsten will remain one of VARD’s core shipbuilding yards.

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