Vard has released its financial results for the second quarter and first half of 2016, seeing a drop of 23 per cent compared to the first half of last year.
Vard revenue was NOK2.2 billion (US$23.8 billion) for the second quarter, representing a 10.9 per cent decline from last year. This meant the company’s results for the first half of 2016 revenues came in at NOK4.2 billion, down 23.6 per cent from the first half of 2015.
The reduced turnover was mainly due to lower activity levels at the European yards and at Vard Niterói in Brazil, the company said. It was also significantly affected by the company allowing Rem Offshore to terminate a contract for an anchor handling vessel, potentially in exchange for a four per cent share in the company.
However, positives could be found in the company’s new order results. Four expedition cruise vessels for French company, Ponant – a deal that is yet to be confirmed – and a 15-vessel contract for Topaz Marine’s new module carrier vessels carried the company to one of its best quarterly results for new orders since 2013. The new order intake for all 19 vessels is NOK6.2 billion.