The process of integrating the two shipyards was launched following a decision made by Italy’s Fincantieri Group, which includes VARD.
Following the merger, the new entity will have over 5,000 own employees, with 2,000 other employees belonging to companies working on the two shipyards.
According to the owner, the production activity of the two shipyards will not be affected by the merger, which, will have no impact on the jobs.
The merger is based on the operating and business model of Fincantieri Group, under which a single company incorporates several shipyards.
With its central headquarters in Norway and with some 8,200 employees, VARD operates ship building platforms in Norway, Romania, Brazil and Vietnam.
VARD’s majority shareholder is Fincantieri Oil & Gas S.p.A, a branch fully held by Fincatieri S.p.A. Group. Headquartered in Trieste (Italy), it is one of the world’s largest shipbuilding groups, dating back 200 years ago, during which time it had built more than 7,000 ships.