Vard plans diversification as Q4 sinks into the red

Singapore

VARD Holdings, a major global designer and shipbuilder of offshore and specialised vessels, has unveiled diversification moves to tide the group over the industry downturn that has hit its core offshore market.

The group said this on Monday as it emerged from the fiscal fourth quarter ended Dec 31, 2015, in a sea of red amid lower revenue, impairments and sharply lower financial income.

Vard posted a fourth-quarter loss attributable to equity-holders of 83 million Norwegian kroner (S$13.39 million), reversing from a profit of 154 million Norwegian kroner for the previous corresponding period. Loss attributable …