OSLO: Singapore-listed offshore vessel-builder Vard Holdings has incorporated a new subsidiary, Vard Contracting, in Norway for a paid-up capital of NOK3 million (USD0.37 million).
According to Vard Holdings’ filing in the Singapore stock exchange, Vard Contracting is 100% owned by Vard Group, which is a 100% held subsidiary of Vard Holdings. The formation of Vard Contracting will deliver various services to the company’s Norwegian shipyards as well as to provide improved control over services currently provided by subcontractors, increase the company’s flexibility, help retain know-how in-house, and strengthen its competitiveness.
The incorporation of the new subsidiary is funded by internal resources and is not expected to have any material impact on the earnings per share or net tangible assets per share of Vard Holdings for the current financial year.
Previously, Vard Holdings had incorporated Vard Engineering Gdansk in Poland for a paid-up capital of PLN50,000 (USD13,000) in December 2014. The incorporation of the subsidiary in Poland was done through Vard Engineering Brevik, an indirectly held subsidiary of the company. Upon establishment, the new subsidiary will be mainly engaged in offshore design and engineering activities.
