STX OSV Becomes VARD

Shipbuilders & designers STX OSV adopt new brand name following sale of STX Europe’s majority stake in the company to Fincantieri Oil & Gas.

Chief Executive Officer and Executive Director 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.

About VARD STX OSV Holdings Ltd.
Together with its subsidiaries, VARD is one of the major global designers and shipbuilders of offshore and specialized vessels used in the offshore oil and gas exploration and production and oil services industries. Headquartered in Norway and with approximately 9,000 employees, VARD operates nine strategically located shipbuilding facilities, including five in Norway, two in Romania, one in Brazil and one in Vietnam.