STX OSV Holdings has announced that the STX OSV Group of companies will adopt the new brand name "Vard" following the majority-stake acquisition of the shipbuilder by Italian state-owned shipyard Fincantieri in late January.
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, STX OSV said in a statement.
"It also symbolises the company's 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."
Executive director and CEO 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.
{WISroYQ symbol='MS7.SI'}
