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Vard establishes subsidiary in Canada


Vard Marine Inc., a Norwegian-based ship design and marine engineering company, has announced its plans to establish a new subsidiary for ship design, engineering and sales activities in Canada.

The firm specializes in providing solutions for offshore and specialized vessels such as offshore support, subsea construction and naval vessels as well as ferries and passenger vessels. Building on VARD’s specialized expertise in designing, constructing and developing integrated solutions for highly customized vessels, the company aims to grow to a leading position in the North American market.

“Our establishment in Canada is Vard’s first foothold in North America. We are now ready to build new relations and position ourselves as a major player in an interesting region with large opportunities,” says CEO and executive director Roy Reite.

VARD provides a wide range of services including ship design, marine electronics and electrical systems, equipment packages and support for all aspects of the shipbuilding process. The new subsidiary will provide such services as part of their product range.

Vard Marine is a wholly owned subsidiary of Vard Group AS. The paid-up capital of the new company is CAD $50,000 which is funded by internal sources and the investment is not expected to have any material impact on the earnings per share or the net tangible assets per share in VARD for the current financial year.

The company is based in Vancouver BC.