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Vard Holdings buys ICD Software for NOK91.3m

Wednesday, June 24, 2015 - 23:05

VARD Holdings, which designs and builds offshore and specialised vessels, has acquired ICD Software for NOK91.3 million (S$15.6 million) through its subsidiary, Seaonics.

The book value of net assets of the transaction was NOK12.3 million. The consideration was arrived at and negotiated on a "willing-buyer willing-seller basis" and met partly in cash and partly by a seller's credit converted to shares in a share issue in Seaonics.

Vard said the acquisition of ICD Software, which specialises in automation and control system software for the offshore and marine sectors, would enable the company to "expand its business in deck handling equipment and automation technology, and utilise know-how and experience in automation and drive systems for the development of new products".

Vard's shares closed one Singapore cent lower at 60.5 Singapore cents each on Wednesday.

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