STX OSV becomes VARD
STX OSV Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that the STX OSV Group of companies will adopt the new brand name VARD. 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 23 January 2013, the company reports.
Being 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, the name embodies the Company’s maritime heritage and long history in shipbuilding. It also symbolizes its ambition to lead the way in the industry, reflecting VARD’s size, position and goal to be a preferred partner for technologically advanced solutions in the global offshore support vessel market.
Chief Executive Officer and Executive Director of VARD, Roy Reite, said, “I am excited to announce that VARD will be our new name. It conveys a sense of stability and strength, relevance and flexibility. More importantly, it reflects our long-standing Norwegian heritage, as well as our leading position within the offshore and specialized vessels industry globally. From the very start of the project, the objective was to find a name that is short, solid, innovative and maritime in its tone. VARD met all of these criteria.”
The new company name is currently being implemented across all the subsidiaries of the VARD Group of companies worldwide. A proposal for a new name for the Group holding company, STX OSV Holdings Limited, will formally be tabled for resolution at the upcoming Annual General Meeting in April.
STX OSV Holdings Limited (“VARD”), together with its subsidiaries, is one of the major global designers and shipbuilders of offshore and specialized vessels used in the offshore oil and gas exploration and production and oil services industries. Headquartered in Norway and with approximately 9,000 employees, VARD operates nine strategically located shipbuilding facilities, including five in Norway, two in Romania, one in Brazil and one in Vietnam.
VARD’s long shipbuilding traditions, cutting-edge innovation and technology coupled with its global operations ensure access to the fastest growing oil exploration markets. The company’s expertise and track record in constructing complex and highly customized offshore and specialized vessels have earned it recognition from industry players and enabled it to build strong relationships with its customers.
VARD was listed on the Main Board of Singapore Exchange (SGX) on 12 November 2010. On 23 January 2013, Fincantieri Oil & Gas S.p.A., a wholly owned subsidiary of Fincantieri – Cantieri Navali Italiani S.p.A., acquired 50.75% of the shares in VARD from former majority shareholder STX Europe. Headquartered in Trieste, Italy, Fincantieri is one of the world’s largest shipbuilding groups and has, over its 200 years of maritime history, built more than 7,000 vessels.