STX OSV Holdings Limited, designers and shipbuilders of offshore and specialized vessels, has announced that the STX OSV Group of companies will adopt the new brand name VARD – which was once the name of the publicly traded holding company that once owned Kloster Cruise and Norwegian Cruise Line.

The adoption of the new name, logo and brand identity follows the sale of STX Europe’s majority stake in the company to Fincantieri Oil & Gas, as previously announced on January 23 2013.

The company explained that the name is derived from the Norwegian word “varde”, which refers to a small tower of stones used since ancient times as a navigation mark along the coast to guide ships, and said the name embodies the company’s maritime heritage and long history in shipbuilding.