VARD Acquires STX Canada Marine

Harvey Gulf's STX-designed dual fuel OSV under construction at Gulf Coast Shipyard. Photo courtesy Gulf Coast Shipyard Group
Harvey Gulf’s STX-designed dual fuel OSV under construction at Gulf Coast Shipyard. Photo courtesy Gulf Coast Shipyard Group

Fincantieri has continued their mission to gobble up companies that start with STX with their latest acquisition of naval architecture and marine engineering firm STX Canada Marine.

Announced on Friday, STX Canada Marine will be renamed VARD Marine as part of a NOK 65 million (USD $10.5 million) deal.  Considering STX Canada Marine has been largely focused on the offshore sector in recent years, this acquisition appears to be a natural fit for VARD.

Under the leadership of current president Dave McMillan, the 75 employees, located in both Vancouver and Houston, will remain in place.

The company currently has an order book of 38 ship designs for vessels under construction, for ship owners and yard customers worldwide. 20 of these orders are for offshore support vessels, constituting more than 20% of the overall OSV order book in the US.

Included in their portfolio are the dual fuel LNG powered OSVs and heavy lift construction vessels for Harvey Gulf Marine which are under construction at Gulf Coast Shipyard and Eastern Shipbuilding.