An EBITDA before restructuring cost of NOK40 million was recorded in 1Q compared to NOK57 million recorded the year before, such that EBITDA margin decreased to 2.3% from 2.8% the previous year.
SINGAPORE (May 12): Vard Holdings, the offshore and specialised vessel builder, has posted a loss of NOK27 million ($4.4 million) for the first quarter ended March 31 compared to a gain of NOK43 million in the same period a year ago.
Revenue for the quarter fell 12% to NOK1.8 billion from NOK2 billion in 1Q16, mainly due to reduced activity, especially at the group’s Norwegian yards after it ceased operations in Vard Niterói during 2Q16.
