Vard to focus 'fully' on new markets to diversify

Singapore

AS part of efforts to diversify its operations amid the continued slump in the offshore oil and gas sector, Norwegian shipbuilder Vard Holdings is set to turn its attention "fully" to budding market segments, executives said.

The mainboard-listed shipbuilder registered a net loss of 53 million Norwegian kroner (S$8.48 million) for the second quarter ended June 30; in contrast, Vard posted a 58 million kroner profit a year ago in the same corresponding period.

The dip in earnings was due to restructuring costs of 38 million kroner piled up during the quarter, as cessation of shipbuilding activities at Vard Niteroi in Brazil saw the firm dole out statutory payments for termination be…