Corporate digest

Vard Holdings

VARD Holdings said two liquefied petroleum gas (LPG) carriers on order from Petrobras Transportes at its 50.5 per cent owned subsidiary yard in Brazil have been cancelled. The carriers were the last two out of an eight-vessel deal valued at US$536 million awarded by Transportes in June 2010, for delivery between 2014 and 2016 from Vard Promar. Vard expects the contract termination to reduce its exposure to the Brazilian market and intends to claim compensation from Transpetro for damages stemming from the termination.

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