Net profit in the quarter ended 31 March 2013 dropped 14.5% year-on-year to NOK206m ($35.34m), while revenue also dipped 2.3% to NOK2.75bn.
The Singapore-listed company boasts an order intake of NOK2.8bn in total during the quarter, more than doubled from the NOK1.3bn order intake in the fourth quarter of 2012, and a close to 20% increase from the same period of last year.
As at 31 March 2013, Vard's orderbook comprised of 46 vessels with an orderbook value of NOK15.5bn.
“We anticipate that the subsea construction vessel segment will continue to drive our growth this year, and we are confident about the group's prospects for new orders for the rest of 2013,” said Roy Reite, ceo and executive director of Vard.
The group's new shipyard in Brazil, Vard Promar, is more than 85% completed and it is expected to start shipbuilding operations at the end of June this year, adding capacity to its yards in Romania, Norway and Vietnam.
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