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Av | 14 mai, 2013 3:35 | 0 kommentarer

– Contracts with key clients for three large and complex projects secured during first quarter
– Order intake for 1Q 2013 at NOK 2.8 billion, more than double from the preceding quarter
– EBITDA margin of 11.1% despite challenging operating environment
– Major investments in Romania and Vietnam
– New shipyard project in Brazil, Vard Promar, is more than 85% complete, with virtually all functions vital for commencing operations by end June in place
– Optimistic outlook for subsea support and construction vessel market, and for overall new order intake

Singapore, 14 May 2013 – Vard Holdings Limited (“VARD”), together with its subsidiaries (the Group”), one of the major global designers and shipbuilders of offshore and specialized vessels, today announced its results for the first quarter of financial year 2013 (“1Q 2013”).

EBITDA margin remains healthy and cash position solid VARD generated revenue of NOK 2.75 billion for 1Q 2013, representing a 2% dip from the same period in 2012 (“1Q 2012”), reflecting overall stable operations in spite of challenging circumstances in some markets.

EBITDA margin (EBITDA to total revenue) for 1Q 2013 lowered slightly from 14% in 1Q 2012 to still healthy 11.1%, as the Group seeks to stabilize operations at the Niterói yard in Brazil,
and rebuild the order book at its Vietnam yard. The Group’s cash position remains solid, with cash and cash equivalents at NOK 2.0 billion as 31 March 2013.

Order intake for 1Q 2013 more than double vis-à-vis 4Q 2012, contributing to net increase in total order book value.

On the back of continued strong demand for high-end subsea construction vessels, VARD secured contracts for three large and highly complex offshore subsea construction vessels (“OSCV”) from key clients Solstad Offshore, Farstad Shipping and DOF Subsea in 1Q 2013.

Order intake for the quarter was NOK 2.8 billion in total. The Group’s solid new order intake more than replenished the order book for the quarter. This also represents a more than doubling of the NOK 1.3 billion order intake for 4Q 2012, and a close to 20% increase from 1Q 2012.

Taking into account the five vessels delivered during the quarter, VARD’s order book comprised 46 vessels as of 31 March 2013. More than half, or 26 of these vessels in the order book, will be of VARD’s own design. Total order book value stood at NOK 15.5 billion, slightly up from year-end 2012.

Full utilization in Europe; major investments in Romania and Vietnam to increase capacity and capabilities, and secure competitive position VARD’s yards in Romania and Norway are operating at full gear. The Norwegian yards have
surpassed the brief period of temporarily lower utilization recorded during the previous quarter. Four vessels were successfully delivered from Norway during 1Q 2013.

Investments in new facilities and advanced technology are currently being implemented in Romania, aimed at securing VARD’s long-term competitiveness in Europe. Enhanced automation, new blasting and painting facilities, and a state-of-the art piping prefabrication facility are projected to increase productivity, quality and throughput.

While the yard in Vietnam is currently seeing lower utilization, it is implementing investments such as an extension of the floating dock, aimed at improving its long-term capabilities to take on larger and more complex vessels.

Vard Promar on schedule to commence operations by end of June 2013. The Group’s new shipyard in Brazil, Vard Promar, is more than 85% completed. Dredging of the harbor basin was completed in April. With virtually all vital functions for commencing operations in place, Vard Promar is well on its way to commence shipbuilding operations at the end of June this year, in line with previous estimates. Recruitment and training are ongoing, with approximately 190 staff employed so far.

Optimistic outlook for subsea support and construction vessels, and technology-driven opportunities in other segments
VARD is witnessing a healthy level of project inquiries for OSCVs across a broad range of sizes, specifications and geographies.

Global demand for OSCVs remains high, largely due to increased use of subsea installations in oil and gas exploration, and demand for modern tonnage to deploy and maintain such installations.

Although promising spot rates for anchor handlers (AHTS) were recorded in the North Sea market recently, it is currently still too early for this to translate into newbuilding activity.

Overall platform supply vessel (PSV) demand remains sluggish. However, there is still demand for individual highly specialized vessels with innovative features such as the advanced rescue features in the most recent PSV order secured.

Mr. Roy Reite, Chief Executive Officer and Executive Director of VARD, said, “We anticipate that the subsea construction vessel segment will continue to drive our growth this year, and we are confident about the Group’s prospects for new orders for the rest of 2013.

VARD’s strengths in leading-edge technology and our unique ability to partner with clients in developing customized vessels will continue to differentiate us in the market.”


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