Singapore-listed shipbuilder Vard Holdings Limited is pleased to announce its financial results for the second quarter ended 30 June 2015 (2Q2015) and first half ended 30 June 2015 (1H2015).

Key highlights:

§ Softer top-line of NOK 2.49 billion in 2Q2015 and NOK 5.55 billion in 1H2015

§ Profit attributable to equity holders of the parent positive at NOK 58 million for 2Q2015, translating to earnings per share of 0.85 SGD cents

§ Successful delivery of four vessels from yards in Brazil, Norway, Romania and Vietnam

§ Slowdown in activity has started in 2Q2015

§ EBITDA margin of 1.8% reflecting weaker performance at some yards

§ Soft vessel demand likely to persist in the near term, but niche opportunities exist

§ New innovation project launched

VARD CEO and Executive Director Roy Reite commented, “As we work through the necessary adjustments in our organization to address the challenges posed by the market, we continue to focus on R&D and new business development to reinforce VARD’s position. So far, we have received positive industry feedback on our recent initiatives. Testament to our strengths in developing innovative solutions together with our clients, we are proud that Skandi Africa, a vessel delivered to DOF Subsea, has won the Ship of the Year 2015 award in Norway.”

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