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.

Cruise Industry News Email Alerts

Cruise Industry News Email Alerts

 

EMAIL NEWSLETTER

Get the latest breaking cruise newsSign up.

CRUISE SHIP ORDERBOOK

62 Ships | 142,732 Berths | $46.7 Billion | View

New 2024 Drydock REPORT

Highlights:

  • Mkt. Overview
  • Record Year
  • Refit Schedule
  • 120 Pages
  • PDF Download
  • Order Today
New 2024 Annual Report

Highlights:

  • 2033 Industry Outlook 
  • All Operators
  • Easy to Use
  • Instant Access
  • Order Today