STX OSV's new brand, VARD.

STX OSV’s new brand, VARD.

The specialized and offshore vessel designer and shipbuilder formerly known as STX OSV Holdings Limited will now be officially known as VARD, the company said in a statement Tuesday.

VARD derives from the Norwegian word “varde”, which refers to a small tower of stones used since ancient times as a navigation mark along the coast to guide ships, the name embodies the Company’s maritime heritage and long history in shipbuilding. The company said it also symbolizes its ambition to lead the way in the industry, reflecting VARD’s size, position and goal to be a preferred partner for technologically advanced solutions in the global offshore support vessel market.

“I am excited to announce that VARD will be our new name,” said Chief Executive Officer and Executive Director of VARD, Roy Reite, said, “It conveys a sense of stability and strength, relevance and flexibility. More importantly, it reflects our long-standing Norwegian heritage, as well as our leading position within the offshore and specialized vessels industry globally. From the very start of the project, the objective was to find a name that is short, solid, innovative and maritime in its tone. VARD met all of these criteria.”

Of course the adoption of the new name, logo and brand identity follows the sale of STX Europe’s majority stake in STX OSV to Italy’s Fincantieri Oil & Gas, as previously announced January 23, 2013.

VARD said the new company name is currently being implemented across all the subsidiaries of the VARD Group of companies worldwide. VARD currently has ten shipbuilding facilities worldwide – five in Norway, two in Romania, two in Brazil and one in Vietnam.

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