Vard holdings Results Announcement

Norwegian shipbuilder Vard Holdings Limited's first-quarter net profit fell 30.1 per cent year on year to NOK188 million (S$40.1 million).

The company, previously called STX OSV Holdings, said on Tuesday that its revenue for the three months ended March 31, 2013 fell 2.3 per cent from a year ago to NOK2.75 billion.

Earnings per share fell to NOK0.16 from NOK0.23.

However, net asset value per share rose to NOK2.86 as at end-March from end-December 2012's NOK 2.68.

• ƒ Contracts with key clients for three large and complex projects secured during first quarter 
• Order intake for 1Q 2013 at NOK 2.8 billion, more than double from the preceding quarter 
• EBITDA margin of 11.1% despite challenging operating environment 
• ƒ Major investments in Romania and Vietnam 
• ƒ New shipyard project in Brazil, Vard Promar, is more than 85% complete, with virtually all functions vital for commencing operations by end June in place 
• Optimistic outlook for subsea support and construction vessel market, and for overall new order intake