Vard posts Q4 net loss of 67m kroner

VARD Holdings posted a net loss of 67 million Norwegian kroner (S$12.2 million) in the fourth quarter ended December 2016 from a loss of 83 million kroner a year ago.

Revenue fell 35 per cent to 2.15 billion from 3.32 billion kroner owing to reduced activity, particularly at the European yards.

Following the delivery of two large offshore subsea construction vessels (OSCVs) during the fourth quarter and another one just after the quarter, the activity level at the Norwegian yards was reduced, with medium to low utilisation partially mitigated by temporary layoffs at several of the yards, said the firm in its results announcement.

The shipbulder made a loss per share of 0.06 krone in the quarter versus 0.07 krone in the previous year's corresponding quarter.

No dividend was declared, same as a year ago.

For the full year, Vard suffered a loss of 163 million kroner from 603 million kroner on the back of a 30 per cent drop in revenue to 7.9 billion kroner.