【Vard Holdings MS7 交流专区】VARD HOLDINGS LIMITED

blue_angel_007

目前该公司还在亏损当中，不知道最新的财报表是否有惊喜。。。

icy97

STX OSV控股的4Q12盈利下跌81%
http://www.sharesinv.com/zh/articles/37615/

2013年02月27日
STX OSV控股(STX OSV Hldgs)截至2012年12月31日的第4季度盈利下跌80.6%至1亿2,400万挪威克朗，收入则下跌18.8%至25亿挪威克朗。表现下滑主要因一些船厂的活动暂时减少。大致上，公司在挪威、罗马尼亚和越南的营运保持稳定。位于葡萄牙尼泰罗伊的船厂却持续影响公司表现。公司的全年息税折旧摊销前盈利率为13.2%，尽管第4季度充满挑战。此外，虽然公司增加对罗马尼亚营运的厂房、产业和设备投资及在巴西建筑新船厂，并已把每股0.23元的总股息考虑在内，但截至2012年12月31日的现金与现金等值物为稳健的24亿挪威克朗。

启示：尽管4Q12的订单比预期少，但新订单额比上个季度来得高。展望未来，公司认为深海支援和建筑船只市场在FY12的基本面依旧稳固，并将延续下去，因为1Q13迄今已赢得3份离岸深海建筑船合约。

icy97

icy97 发表于 24-1-2013 01:26 PM
意大利Fincantieri无条件现金献购STX OSV控股
http://www.sharesinv.com/zh/articles/36995/

Fincantieri's $1.22 offer price 'not attractive': IFA
http://www.theedgesingapore.com/the-daily-edge/business/42948-fincantieris-122-offer-price-not-attractive-ifa.html

Thu, 28 Feb 20:08   
The independent financial advisers to the takeover of STX OSV have recommended that the independent directors of the offshore vessels builder reject Fincantieri's offer price as the offer price of $1.22 per share is "not attractive".

The independent directors have backed the recommendations of Ernst & Young Corporate Finance in its circular despatched to shareholders on Feb 27.

The directors urged shareholders to reject Fincantieri's offer and for optionholders to also reject Fincantieri's options proposals.

Fincantieri's offer will remain open to both shareholders and optionholders of STX OSV until 5.30pm on March 13.

icy97

STX OSV to be renamed Vard
http://www.theedgesingapore.com/the-daily-edge/business/43009-stx-osv-to-be-renamed-vard.html

Tue, 5 Mar 19:34  
STX OSV Holdings, the designer and builder of offshore and specialised vessels, announced the group will adopt the new brand name Vard following the sale of STX Europe’s majority stake in the company to Fincantieri Oil & Gas.

Being derived 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.

Roy Reite, Chief Executive Officer and Executive Director of Vard, said, “I am excited to announce that VARD will be our new name. 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.”

icy97

Vard控股赢得挪威合约
http://www.sharesinv.com/zh/articles/38620/

2013年05月02日
前身是STX OSV控股(STX OSV Hldgs)的Vard控股(Vard Hldgs)同北欧海事服务公司Buksér og Berging签署了合约，涉及建造1艘Azimuth Stern Drive离岸拖引船。公司位于罗马尼亚的Vard Braila船厂将于2015年首季交付该船只。公司是专门设计和建造离岸及专用船只的环球大型企业，其总裁兼执行董事Roy Reite很高兴能赢得上述的新客户。Buksér og Berging是为海事及油气业提供专用拖船的佼佼者。另外，大约两个星期前，公司与Simon Møkster Shipping签署了意向书，涉及1艘平台供应船。

启示：赢得上述合约验证了公司在造船业的良好记录及丰富经验。然而，船务及造船市场在2013年的前景依旧不乐观，由于融资难求及供过于求。

icy97

Vard's Q1 net profit down 30% to $40mil
http://www.theedgesingapore.com/the-daily-edge/business/43892-vards-q1-net-profit-down-30-to-40mil.html

Tue, 14 May 23:06
Vard Holdings, previously called STX OSV Holdings, says net profit for the three months ending March 31 fell 30.1% to NOK188 million ($40.1 million).

Revenue fell 2.3% to NOK2.75 billion from a year ago.

Earnings per share fell to NOK0.16 from NOK0.23.

However, net asset value per share rose to NOK2.86 as at end-March from end-December 2012's NOK 2.68

icy97

Vard控股的1Q13盈利下跌30.1%
http://www.sharesinv.com/zh/articles/38838/

2013年05月15日
前身为STX OSV控股(STX OSV Hldgs)的Vard控股(Vard Hldgs)在截至2013年3月31日的1Q13录得盈利下跌30.1%至1亿8,800万挪威克朗，主要由于收入下跌2.3%至27亿挪威克朗。情况应会在今年底好转，因为位于巴西的新船厂将于6月投入服务，交付时间表也经过调整。与此同时，位于罗马尼亚和挪威的营运正全速作业，越南船厂的利用率则依旧偏低，但预期会接到新订单。公司的总裁兼执行董事Roy Reite表示：“我们预期深海建筑船只部门将仍旧是今年的增长动力，我们也有信心能在今年余下日子取得更多订单。”

启示：截至2013年3月31日，公司的现金与现金等值物为20亿挪威克朗的稳健水平。公司在本季度取得的订单总值28亿挪威克朗，比4Q12的13亿挪威克朗订单额高出逾1倍，并比1Q12高出接近20%。

TAsIhO

Vard Holdings: Lower profit guidance

Vard Holdings warned that its 2Q2013 financial results (due 11/7/2013) are likely to be below current consensus estimates due to difficulties in its operations in Brazil. After a recent assessment, management found further delays, cost over-runs at its Niteroi yard due to lower-than-expected productivity, additional costs for outsourcing and higher start-up costs at the Promar yard. This comes as a surprise as the group had previously guided that its Brazil operations are coming under control and would stabilize by year-end, suggesting that the situation is more fluid than initially thought. In view of the poor earnings visibility, we switched our valuation methodology to PBR. We also cut our FY13F/14F net profit estimates by 20-25%. Downgrade to HOLD with lower FV estimate of S$0.93 (previously S$1.52) using 1.5x PBR (2 std dev below). (Chia Jiunyang)

http://www.ocbcresearch.com/Article.aspx?type=research&id=20130702163220_12032

TAsIhO

2Q13 Likely To Miss Consensus On Brazil Woes

Vard Holdings: 2Q13 Likely To Miss Consensus On Brazil Woes. VARD revealed that the operational challenges in Brazil will have a negative impact on its profitability, with 2Q13 earnings seen lower than consensus estimates. While the issues in Brazil are not new, we think the consensus forecast is too bullish, which is 16% higher than our FY13F net profit estimate. The stock could come under near-term pressure from a potential consensus earnings downgrade. Maintain BUY on VARD, pegged to a 12x FY13F P/E. (OSK-DMG)

http://research.osk188.com/attachments/38/osk-report-sg-vard_brazil-woes-2q13-likely-to-miss-consensus_201306282004-ERpN125219064251d0e35657bac.pdf

TAsIhO

PROFIT GUIDANCE FOR 2Q 2013 ENDING 30 JUNE 2013

The Board of Vard Holdings Limited (the "Company" and together with its subsidiaries, the “Group”) wishes to make reference to the 1Q 2013 financial results announcement for the period ended 31 March 2013, announced on 14 May 2013, where the Board mentioned that operations
in Brazil are expected to continue to affect group performance negatively until delivery of the last vessel in the current order book of the Niterói shipyard.

While the Company remains confident in the long-term potential of the Brazilian market, the overall industrial context in Brazil is still challenging, being characterized by high personnel turnover and very high pressure in the subcontracting market.

As a consequence, based on a revised assessment of the status of operations in Brazil, it is expected that financial results for the period ending 30 June 2013 (“2Q 2013”) will be lower than the current consensus market estimates. Margins are impacted by further delays and cost
overruns at the Niterói yard due to lower productivity than expected, additional costs for outsourcing of hull construction activities to subcontractors, and revisions to the estimates of start-up costs at the new shipyard, Vard Promar.

Stabilizing the Niterói operations and successfully ramping up the new yard are a top priority for the Group, and management has initiated mitigating actions in order to regain profitability in Brazil.

The opening of the new yard represents a milestone for the Company’s presence in Brazil, offering opportunities for growth, better operational stability, and a substantially improved cost position.

Operations elsewhere in the Group are stable, and the Company as a whole remains profitable. A complete overview of Group’s performance will be disclosed when the Company finalizes and announces the unaudited results for 2Q 2013 on 11 July 2013.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_3D3F986B7E0B2DF748257B980028898D/$file/Profit_Guidance_Statement.pdf?openelement

TAsIhO

Date	Open Price	Target Price	Upside/Downside	Price Call	Source
02/07/2013	0.955	0.93	-0.025 (2.62%)	HOLD	OCBC
02/07/2013	0.955	0.94	-0.015 (1.57%)	TRADING SELL	CIMB
01/07/2013	0.995	1.69	+0.695 (69.85%)	BUY	OSK
01/07/2013	0.995	1.52	+0.525 (52.76%)	BUY	OCBC
01/07/2013	0.995	1.52	+0.525 (52.76%)	BUY	Maybank Kim Eng
01/07/2013	0.995	1.16	+0.165 (16.58%)	HOLD	DBS Vickers
01/07/2013	0.995	0.94	-0.055 (5.53%)	TRADING SELL	CIMB
24/06/2013	1.105	1.65	+0.545 (49.32%)	BUY	Maybank Kim Eng
03/06/2013	1.11	1.40	+0.29 (26.13%)	BUY	CIMB
30/05/2013	1.13	1.82	+0.69 (61.06%)	BUY	MacQuarie

http://sgx.i3investor.com/quoteservlet.jsp?sa=ss&q=Vard+Holdings

I-Connect

需要研究研究..........

TAsIhO

Below expectations, downgrade to Hold, TP SGD0.95. Vard’s 2Q13 results were lower than our adjusted expectations following the company’s profit guidance on 28 June 13. 2Q13 revenue came in at NOK2.9b (-1% YoY, +7% QoQ) with a net loss of NOK20m (-118% YoY, -111% QoQ). 1H13 PATMI makes up only 25% of our previous FY13F forecast. If the goodwill impairment of NOK70m is excluded, the company would have been profitable. FY13F will be a writeoff year and we think that Vard is taking this chance to kitchen sink all the negatives to position for a better FY14F recovery. Despite stock trading at only 5.7x/4.9x FY14F/15F PERs after our earnings cut, negative sentiments will weigh down on the stock. Downgrade to Hold, with TP of SGD0.95, pegged to 1.4x fwd P/B, which is -2 std dev below mean.

Has provided for losses, but Brazil profitability remains low. EBITDA margin for 2Q13 dipped to 4.1% (1Q13: 11.1%, 2Q12: 13.8%). The key reason was attributed to cost overrun for the outsourced hull construction work for Brazil yard projects. The last outsourced hull has since been delivered. Vard commented that it has used its best judgement to provide for all the potential losses for these projects in 2Q13, but also qualifies that it cannot guarantee that no other unforeseen losses may arise. We expect profitability for outstanding projects at Niteroi yard to remain low. Our FY13F EBITDA margin assumption is lowered to 7.8% (from 9.4%) resulting in a further 29% cut in our FY13F net profit forecast.

Vard remains optimistic on contract wins. Vard remains positive on securing more contracts in 2H13. YTD contract win stood at NOK4.0b. We think that a batch of PLSV awards could be imminent after Petrobras handed a total of 6 such orders to Seadrill-SapuraKencana JV and Subsea 7. We estimate that potential contract value to Vard could be worth about NOK6b.

Await contract win catalysts. We cut FY13F/14F/15F earnings by 29%/16%/12%. Expect more consensus earnings cuts which would weigh down on share price. We downgrade to hold with TP lowered to SGD0.95 as we await contract win catalysts to rerate the stock. No change in dividend policy of minimum 30% payout but no interim dividend was declared this quarter.

Source: Maybank Kim Eng Research - 12 Jul 2013

TAsIhO

2Q results below expectations
Vard Holdings Limited (VARD)’s 2Q13 results came in below ours and
the street’s expectations, despite issuing a profit warning earlier. The
group reported a net loss of NOK20m for 2Q, bringing its 1H13 net
profit to NOK168m – just 28% and 23% of ours and the consensus
FY13F estimate. EBITDA margin fell to 4.1% in 2Q13 from 13.8% in
the year-ago period. The poor performance was mainly due to
operational challenges in its Niteroi and Promar yards in Brazil.

Brazil needs more time to stabilize
According to the management, the business environment in Brazil
remains very difficult, characterized by high personnel turnover and
tightness in the subcontracting market. The outsourcing of a hull
construction worsened the already overloaded situation in Niteroi. This
resulted in further delays and cost over-runs. Although the group had
implemented several mitigating measures, further deterioration in the
future cannot be ruled out. At its new Promar yard, pre-operational
expenses and start-up costs were higher than expected and had to be
revised upwards.

Orderbook declined to NOK14b
In terms of order-book development in 2Q, VARD secured three new
contracts (1 OSV, 1 PSV and 1 Offshore Tug) and delivered 8 vessels
(1 AHTS, 5 PSVs, 1 OSCV and 1 Forrage Carrier). Consequently, net
order-book fell 11% to NOK14.0b as of end-2Q13 (1Q13: NOK15.5b).
Looking into 2H13, management is confident about the prospects for
new orders.

Downgrade to SELL
Given that VARD’s results are broadly below consensus, we expect the
street to cut its FY13-14F estimates. We also lower our FY13-14F net
profit estimates by 20-25%, and cut our FV to S$0.80 (previously
S$0.93) on 1.2x PBR (previously 1.5x). Downgrade from Hold to
SELL.

Carmen Lee
Head of Research
For OCBC Investment Research Pte Ltd

icy97

Name of Announcer *	VARD HOLDINGS LIMITED
Company Registration No.	201012504K
Announcement submitted on behalf of	VARD HOLDINGS LIMITED
Announcement is submitted with respect to *	VARD HOLDINGS LIMITED
Announcement is submitted by *	Elizabeth Krishnan
Designation *	Company Secretary
Date & Time of Broadcast	12-Aug-2013 07:00:19
Announcement No.	00002

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

VARD SIGNS CONTRACTS WITH DOF SUBSEA AND TECHNIP FOR FOUR PIPE LAY SUPPORT VESSELS

Description

Please see attached.

Attachments

20130812_VARD_signs_contracts_with_DOF_Subsea_and_Technip_FINAL.pdf

Vard控股从油气业者赢得11亿美元合约
http://www.sharesinv.com/zh/articles/40793/

2013年08月12日
Vard控股(Vard Holdings)从油气业者挪威DOF Subsea及法国德希尼布(Technip)的合资公司赢得合约，涉及设计和建筑四艘铺管船。其中两艘船定于2Q16和3Q16交付，它们的船壳将在罗马尼亚船厂建造，配备安装工程则将在挪威的船厂进行。另外两艘船将由位于巴西的船厂分别在4Q16和2Q17交付。这批合约是公司历来最大的订单，总值约11亿美元。船只的新设计是公司同DOF和德希尼布联合研发而成。在挪威建造的两艘船将承载业界内最大的铺管塔(650吨)之一；而在巴西船厂建造的另外两艘船(340吨)将是从巴西出产的船只中最复杂的设计。

启示：赢得这些合约进一步巩固公司在岸外深海大型建筑船领域的地位。公司将能利用其挪威船厂在建造世界级船只的经验及其在巴西的投资来完成这些订单。

icy97

Vard控股赢得价值8亿挪威克朗的深海建筑船合约
http://www.sharesinv.com/zh/articles/41051/

2013年08月22日
具有国际地位的岸外与专门船只设计与建造商Vard控股赢得了价值约8亿挪威克朗的订单，为Farstad Shipping设计和建造一艘岸外深海建筑船。该船只将按VARD 3 07设计来建造，并将适用于深海检测和维修工作。它也将设有两个岸外起重机和三个遥控潜水器，并将能容纳130人。公司位于挪威的Langsten船厂将于2015年第三季度交付这艘船。

启示：这是客户Farstad Shipping向公司订购的第二艘同款船只。这个设计的船只符合该客户扩大深海船队的计划。取得这份订单进一步印证公司的良好记录，以及其丰富的经验和在设计方面的能力。

Name of Announcer *	VARD HOLDINGS LIMITED
Company Registration No.	201012504K
Announcement submitted on behalf of	VARD HOLDINGS LIMITED
Announcement is submitted with respect to *	VARD HOLDINGS LIMITED
Announcement is submitted by *	Elizabeth Krishnan
Designation *	Company Secretary
Date & Time of Broadcast	22-Aug-2013 00:14:40
Announcement No.	00001

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

VARD SECURES CONTRACT FOR ONE OFFSHORE SUBSEA CONSTRUCTION VESSEL FOR FARSTAD SHIPPING

Description

Please see attached.

Attachments

VARD_signs_contract_for_one_VARD_3_07_with_Farstad_Final.pdf

icy97

Name of Announcer *	VARD HOLDINGS LIMITED
Company Registration No.	201012504K
Announcement submitted on behalf of	VARD HOLDINGS LIMITED
Announcement is submitted with respect to *	VARD HOLDINGS LIMITED
Announcement is submitted by *	Elizabeth Krishnan
Designation *	Company Secretary
Date & Time of Broadcast	15-Aug-2013 20:33:09
Announcement No.	00158

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *	ACQUISITION OF A SUBSIDIARY, JOHANGARDEN AS
Description	Please see attached.

Attachments

Announcement.pdf

icy97

Vard控股赢得供应船订单，并将由越南船厂建造
http://www.sharesinv.com/zh/articles/41294/

2013年09月03日
Vard控股(Vard Holdings)赢得一份新合约，为岸外支援船领域的一个新业者设计和建造一艘平台供应船。这艘多用途船只将按VARD 1 08设计来建造，其船身全长81米、宽18米，货仓面积为830平方米。船的载重吨位约为4,000吨，功能包括待命、拯救、灭火及采油。公司在越南的船厂将建造这艘船，并定于4Q14交付。公司仍未透露合约的价值。

启示：公司本年至6月30日的订单总值140亿挪威克朗。取得上述合约是为其越南船厂补充订单。值得留意的是，公司的巴西船厂是否能稳定经营仍是一大忧虑。

icy97

Vard sees biggest ship orders since 2007 on exploration demand
Source: Bloomberg   |   Publish date: Mon, 11 Nov 08:33
http://www.theedgesingapore.com/the-daily-edge/business/46233-vard-sees-biggest-ship-orders-since-2007-on-exploration-demand.html

Vard Holdings, a builder of offshore support vessels, said it will close 2013 with its biggest annual order in six years as oil and gas companies boost spending on energy exploration.

“We’re confident that we’ll be able to secure one or two orders at least” in the coming weeks, Holger Dilling, an executive vice president at Vard, said in a phone interview. “We are expecting the best order intake since 2007.”

Demand from North Sea, Brazil and West Africa and explorations in new areas such as the Arctic Sea may help boost orders for Vard’s specialised ships, Dilling said. Investment in exploration and production may rise to US$750 billion ($935 billion) next year as companies seek to add reserves and expand output, the IFP Energies Nouvelles policy group said last month.

Vard, based in Alesund, Norway, won contracts worth 11.9 billion kroner ($2.5 billion) in the first nine months, 45% more than a year earlier. That boosted its total orderbook to 19.6 billion kroner with deliveries stretching into 2017. In 2007, the company had received orders worth 15.5 billion kroner.

Shares of Vard were unchanged at $0.845 in Singapore on Nov. 8. The stock has declined 35% this year, compared with a 0.3% gain in the benchmark Straits Times Index.

The company’s third-quarter net income slumped 67% from a year earlier because of increased costs at its two yards in Brazil. Sales dropped to 2.37 billion kroner in the period.

Production Delays
The Brazilian yards lost money because quality of some of the work done by their suppliers fell short of expectations and caused production delays, Dilling said in the Nov. 8 interview.

“We are now scaling back the degree at which we use other parties to supply major sections of a ship,” he said. “At one time we had an ambition to grow on the back of such supplier relationships. That assumption didn’t go through.”

The yards in Brazil are expected to become profitable as early as in the second half of next year as they reach a “higher level of utilization,” Dilling said. The facilities have an orderbook worth 6 billion kroner to build 14 vessels, including eight liquefied petroleum gas carriers and two pipe lay support vessels.

The company changed its name to Vard from STX OSV Holdings Ltd. this year after Fincantieri SpA, the world’s biggest builder of cruise ships, bought it from South Korea’s debt-ridden STX Group for 455 million euros ($758 million). It has shipyards in Norway, Romania, Vietnam and Brazil.

icy97

Vard控股赢得高科技岸外支援船合约
2013年12月02日
http://www.sharesinv.com/zh/articles/43011/

Vard控股(Vard Holdings)从Island Offshore取得价值4亿挪威克朗的新合约，涉及建造一艘高科技岸外支援船。

该客户是一家岸外业服务商，它共管理28艘船只。这些船只目前分别部署在巴西、墨西哥湾、西非及北海服务。

合约下的这艘船是由劳斯莱斯(Rolls-Royce)所设计，其船壳将由Vard控股位于罗马尼亚的Vard Braila建造，并定于1Q15由位于挪威的Vard Brevik船厂交付。

启示：Vard控股与该客户已建立了长期的合作关系，并已为该客户建造过超过30艘船只。与此同时，公司目前正为该客户建造五艘船只。