Vard Holdings Limited has announced a loss of NOK 238 million on revenues of NOK 8.6 billion for the year ended Dec. 31, 2017, compared to a loss of NOK 197 million on revenues of NOK 7.9 billion for 2016.

Vard’s order intake in 2017 was for NOK 8.3 billion, including a polar expedition cruise vessel for Ponant, described as the first electric hybrid cruise icebreaker with dual fuel propulsion, featuring high-capacity batteries and LNG storage onboard. The shipbuilder was also awarded contracts for fishing trawlers, fish farming operation platforms and freight and service vessels.

At the end of 2017, the orderbook comprised 48 vessels, of which 37 will be of Vard’s own design.

Operating shipyards in Norway, Romania, Brazil and Vietnam, Vard said its yards in Romania and Vietnam have the highest activity levels with module carrier vessels and expedition cruise ships. The work load in Norway will increase when hulls built in Romania arrive for outfitting in the first half of the year.

The Romanian Tulcea yard is building hulls for the Ponant expedition vessels, while the Vaung Tau yard in Vietnam is building an expedition vessel for Coral Expeditions.

Vard is traded on the Singapore Exchange and the majority shareholder is Fincantieri.