Vard Holdings has increased its ownership stake in its indirect subsidiary in Brazil, Vard Promar, to 95.15%.
Vard Promar, previously held 50.5% by Vard’s wholly-owned subsidiary, Vard Group, and 49.5% by a local partner, PJMR Empreendimentos (PJMR), is the newest shipyard asset in the Vard portfolio. Following the recent closure of the Vard Niterói shipyard, the group will concentrate all its Brazilian shipbuilding activities on the new yard, located in the Suape industrial area, in the state of Pernambuco.
The shipyard, built between 2011 and 2013, has so far delivered one LPG carrier for Transpetro, and is in the final stages of construction of a second one. Furthermore, the yard has two more LPG carriers in the order book, in addition to two pipelay support vessels (PLSVs) for a joint venture between DOF and Technip.