Vard buys STX Canada Marine

Acquisition: Vard buys STX Canada Marine

Vard Holdings, a unit of Italian shipbuilder Fincantieri, has bought marine engineering and design outfit STX Canada Marine in a move aimed at strengthening its presence in North America.

Under the NOK65 million ($10.5 million) deal, Vancouver-based STX Canada Marine and its 75 employees will fall under the Vard Marine umbrella.

The management directed by president Dave McMillan will continue, allowing the new organisation "to combine the best practices of Norwegian and North American marine engineering and design", Vard said.

Vard Marine will provide a broad range of naval architecture and marine engineering services worldwide, including all aspects of ship design and production technology, total equipment and service packages, support for offshore, commercial and naval shipbuilding activities, economic and technical feasibility studies, research and analytical investigations, and model tests and full scale trials.

Vard Marine's portfolio ranges from offshore support vessels, offshore subsea construction vessels, semi-submersibles, and icebreakers to research, naval and patrol vessels.

"Through this acquisition Vard is really able to accelerate its growth strategy in North America, and we can rapidly strengthen our presence, capabilities and client relations in this important market," said chief executive Roy Reite.

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