STX OSV Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that the STX OSV Group of companies will adopt the new brand name VARD. The adoption of the new name, logo and brand identity follows the sale of STX Europe’s majority stake in the company to Fincantieri Oil & Gas, as previously announced on 23 January 2013.

Being derived from the Norwegian word “varde”, which refers to a small tower of stones used since ancient times as a navigation mark along the coast to guide ships, the name embodies the Company’s maritime heritage and long history in shipbuilding. It also symbolizes its ambition to lead the way in the industry, reflecting VARD’s size, position and goal to be a preferred partner for technologically advanced solutions in the global offshore support vessel market.