VARD
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VARD - overview
Location
-, -, Norway
Primary Industry
Logistics & Distribution
About
VARD is a Norwegian company specializing in the design and construction of advanced vessels for the marine industry, focusing on shipbuilding, repair, and conversion services. VARD operates in the marine sector, developing various types of vessels tailored for offshore support and cable-laying. Founded by Amranul Kamal, the company is headquartered in Ålesund, Norway. It was part of a joint bid by Carlyle Group and Fincantieri to invest in STX OSV in May 2012.
The leadership includes Kristijan Polic, Radu Ionel, Reite Roy, and Torstein Sjøtveit. VARD specializes in high-quality vessel design and construction, offering products like offshore support ships, advanced cable-laying vessels, and hybrid Commissioning Service Operation Vessels (CSOVs). These vessels are engineered for operational efficiency and sustainability, addressing the needs of clients in energy, maritime research, and defense across global markets, including Europe, Asia, and the Americas. In 2023, VARD reported revenue of USD 5.
68 mn and an EBITDA of USD 103,684. 2. Its revenue model relies on B2B contracts for the design and construction of custom vessels, with initiatives that include comprehensive post-delivery services, supporting long-term client relationships. VARD plans to enhance its portfolio by designing new vessels, focusing on launching advanced models by Q4 2024.
The company is targeting expansion into emerging markets in Southeast Asia and South America by 2025. The most recent deal in May 2012 with Carlyle Group and Fincantieri is expected to facilitate these growth initiatives by enhancing operational capabilities.
Current Investors
Carlyle Group, Fincantieri
Primary Industry
Logistics & Distribution
Sub Industries
Logistics & Distribution, Petrochemicals
Website
www.stxosv.com
Company Stage
Mature
Total Amount Raised
Subscriber access only
VARD - timeline of key events
VARD - financials
| Fiscal Year Ended | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | 303,700 | 1,438,442 | 1,847,328 | 2,813,130 | 1,741,565 | 1,318,858 | 94,876,226 | 54,730,146 | - | - | - |
| % Revenue Growth (YoY) | - | 373.6% | 28.4% | 52.3% | (38.1%) | (24.3%) | 7093.8% | (42.3%) | - | - | - |
| EBITDA (USD) | 182,402 | 292,144 | (149,030) | 452,133 | (777,480) | 323,938 | 12,250,579 | 6,087,806 | - | - | - |
| Operating Income (USD) | 182,402 | 292,144 | (160,136) | 435,507 | (797,991) | 268,583 | 10,921,127 | 4,790,105 | - | - | - |
| Operating Margin | 60.1% | 20.3% | (8.7%) | 15.5% | (45.8%) | 20.4% | 11.5% | 8.8% | - | - | - |
| % EBITDA Margin | 60.1% | 20.3% | (8.1%) | 16.1% | (44.6%) | 24.6% | 12.9% | 11.1% | - | - | - |
| NET Income (USD) | 135,941 | 208,940 | 15,470 | 486,429 | (610,547) | 326,107 | 7,835,033 | 86,207 | - | - | - |
| % Net Margin | 44.8% | 14.5% | 0.8% | 17.3% | (35.1%) | 24.7% | 8.3% | 0.2% | - | - | - |
VARD - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Public to Private | Completed | VARD | - |
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VARD - employee data
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