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Vard records improved results in 3Q

Singapore - Vard Holdings Limited,one of the major global designers and shipbuilders of specialized vessels, announced its financial results for the third quarter and nine months ended 30 September 2017. VARD recorded a revenue of NOK 2.01 billion in 3Q 2017, up 33%

Singapore - Vard Holdings Limited, one of the major global designers and shipbuilders of specialized vessels, announced its financial results for the third quarter and nine months ended 30 September 2017. VARD recorded a revenue of NOK 2.01 billion in 3Q 2017, up 33% from NOK 1.50 billion in the previous corresponding period.

The increased revenue was backed by high activity level s at the yards in Romania and Vietnam, due to rapid progress that was made on the Module Carrier Vessels (MCV) projects for Topaz Energy and Marine, and Kazmortransflot, as well as the ongoing construction on all six expedition cruise vessels contracted in 2016. Revenue for 9M 2017 of NOK 5.91 billion was in line with that of the previous corresponding nine months. EBITDA before restructuring cost for the quarter increased 67% to NOK 55 million, from NOK 33 million in 3Q 2016. For 9M 2017, EBITDA before restructuring cost rose 53% to NOK 155 million, compared to NOK 101 million in 9M 2016. Correspondingly, the EBITDA margin registered for 3Q 2017 and 9M 2017 was 2.7% and 2.6% respectively, up from 2.2% and 1.8% for 3Q 2016 and 9M 2016 respectively.

Factoring in reduced restructuring cost of NOK 11 million and stable depreciation, impairment and amortization of NOK 53 million in 3Q 2017 , VARD recorded operating loss es of NOK 9 million in 3Q 2017 and NOK 32 million in 9M 2017, mark ing significant improvement s from operating loss es of NOK 45 million in 3Q 2016 and NOK 128 million in 9M 2016.

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