Norway's Vard infused with new equity by owner

Fincantieri-owned shipbuilding group Vard was injected with new equity after a 2018 that saw a deficit exceeding USD 210 million after taxes, according to business media.

Photo: PR/Vard

A weak newbuild market for offshore and oil service, along with "one-time effects" and impairments, contributed to a major deficit for shipbuilding group Vard last year, writes Norwegian business media Finansavisen.

The deficit landed at NOK 1.88 billion (USD 210.4 million) after taxes, bringing the shipbuilding group's total loss over the past five years to NOK 5 billion. According to Finansavisen, the result has entailed Vard's owner, Italian Fincantieri, injecting new capital to restore its equity, which was negative in the latest financial report, the media writes.

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