Norway: Vard Reveals Full Financial 2013 Report

Vard Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels, revealed its fourth quarter and full financial year 2013 (“4Q2013” and “FY2013”) results ended 31 December 2013.

Record order intake translates into improved visibility as order book extends into 2017.

During 2013, VARD garnered its strongest full year order intake of NOK 14.2 billion since the last peak order period in 2007, and concluded the year with its highest year-end order book value since 2008 of NOK 19.4 billion, equivalent to about 21 months’ worth of revenues for the Group. The year also saw VARD achieve its largest-ever order win in the form of four Pipe Lay Support Vessels (“PLSV”) for DOF Subsea and Technip worth NOK 6.5 billion, contracted in August 2013.

In 4Q2013, three newbuildings were contracted and total new order intake amounted to NOK 2.2 billion. Following 22 deliveries during the year, the Group’s order book stood at 41 vessels as at 31 December 2013, of which 26 are of VARD’s own design. Since then, three more vessels were contracted in the first six weeks of 2014 for a combined order value exceeding NOK 2 billion, further increasing VARD’s order book visibility.

Top line resilient amidst challenging operating environment For 4Q2013, VARD recorded a 22.5% on-year increase in revenue to NOK 3.1 billion, up from NOK 2.5 billion in the fourth quarter of the preceding year (“4Q2012”), on the back of high yard utilization and good project progress.

While showing an improvement from the previous two quarters, 4Q2013 EBITDA decreased 45% to NOK 158 million compared to NOK 287 million in 4Q2012, as further delays and cost overruns at the Niterói yard in Brazil continue to weigh on overall margins. EBITDA margin (representing EBITDA to total operating revenues) was 5.1% for 4Q2013.

On a full-year basis, revenues remained virtually unchanged at NOK 11.2 billion, and the Group registered NOK 300 million in profit for the period, which represented a 62% decrease from FY2012. EBITDA for FY2013 stood at NOK 686 million, and the EBITDA margin for the year was 6.1%.

Cash and cash equivalents stood at a healthy NOK 1.7 billion. Net asset value rose 17% as at 31 December 2013 compared to the end of the previous financial year.

Vard, February 25, 2014

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