OSV builder Vard Holdings has been queried by the Singapore Exchange (SGX) after its share price nosedived 28% today. Vard said it had no idea why the share price had plunged so dramatically. Nevertheless, SGX investors should “exercise caution” when dealing with Vard’s shares.
With orders drying up for Vard, formerly known as STX OSV, it has implemented a cost-cutting program that includes temporary and permanent reductions in the company’s work force.
The yard has also been stung by a number of cancellations.