Norway-based shipbuilder Vard has announced a diversification strategy which will see it target the offshore wind sector.
The company said its core market – designing and fitting out vessels for the oil and gas industries – was “showing continued signs of weakness”.
It is now planning to pivot to the offshore wind industry as part of a diversification plan to reduce its dependency on core markets.
Vard CEO Roy Reite said: “The Group’s efforts to diversify are well underway, and we believe that we are on the right track to recovery.
“If we succeed with our plan, Vard will not only be able to emerge from this downturn, but come out stronger and armed with new skills and capabilities.”
Vard made the announcement as it confirmed a net loss of NOK1.29bn for its financial year 2015. The company has an order book of 29 vessels valued at NOK 10.23bn.
Image: a Vard vessel (Vard)
