Vard buys engineering firm STX Canada Marine for $13m

VARD Holdings, which designs and builds offshore and specialised vessels, said late on Friday it had acquired a North American marine engineering and design company STX Canada Marine for 65.4 million Norwegian krone (S$13.16 million).

The all-cash acquisition is "in line with the group's strategy of increasing its engineering and design capacity and growing its business in North America", the company said in a regulatory filing.

With this purchase, Vard Holdings, through its subsidiary Vard Marine, will now provide a range of naval architecture and marine engineering services worldwide.