Vard holdings has posted a wider third quarter loss as it struggled with an industry downturn, and announced a new shipbuilding contract.

Offshore vessels designer and builder Vard Holdings has issued a profit warning relating to its financial results for the third quarter ended 30 September and the full year ending 31 December.

Offshore vessels designer and builder Vard Holdings has secured new contracts to design and build two offshore subsea construction vessels (OSCVs) for Dubai-based Topaz Energy and Marine.

Vard Holdings, designer and builder of OSVs, has secured a bareboat charter contract from DOF for the first of two PSVs whose original shipbuilding contracts were terminated earlier this year.

The share price of offshore yard group Vard plunged around 28% in early trading, prompting an investigation from the Singapore Stock Exchange (SGX).

Offshore vessels builder Vard Holdings has posted a loss of NOK34m ($4.2m) in the first half compared to a profit in the year-ago period, as the weak offshore oil and gas sector continues to weight on global offshore vessel demand.

Vard has secured a contract to design and construct a Diving Support and Construction Vessel for Singapore-based Kreuz Subsea group.

Vard has launched a new concept design at Nor-Shipping today, as part of its "a step forward" project.

Offshore vessel builder Vard saw no new orders in the first quarter of the year and is set to cut its workforce as part of a “strict cost-cutting programme”.

Vard has secured an order for an Offshore Subsea Construction Vessel (OSCV) for Farstad Shipping for an undisclosed amount.