Saturday, 1st November 2014
1st November 2014

Fincantieri makes $117m in first year with Vard

Gary Howard
By from London

 

Fincantieri has reported a EUR85m ($117m) profit in 2013, its first results to include the Italian shipbuilder's 55.63% stake in Vard Holdings.

New orders during the year totalled EUR4.9bn, representing a total of 31 vessels, with increases in every segment of the group's business. The orders included six cruise ships, a number of naval vessels and 15 orders for offshore vessels at Vard. At the end of 2013 Fincantieri had an order portfolio of EUR12.9bn, and a backlog of EUR8bn.

Fincantieri's acquisition of Vard doubled the size of the group, and lifted it to become the fourth largest shipbuilder in the world. The group delivered 44 vessels during the year.

Commenting on the results, Giuseppe Bono, Fincantieri's ceo, said: "2013 has been a particularly challenging year and, in some ways, fundamental for the development of the business, but also commercially and for its reorganisation."

Headlines Asia / LIVEFROM

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