Norwegian shipbuilder Vard Holdings has acquired Vancouver-based engineering and design firm STX Canada Marine (STXM) in a deal worth about C$11 million.
Vard announced July 4 that STXM’s management team, including president Dave McMillan, would be retained following the acquisition.
The Canadian company’s 75-plus employees, who are based in offices in Vancouver, Ottawa and Houston, will be added the Vard’s global workforce of 11,000.
The Canadian acquisition, however, will operate under the name Vard Marine.
STXM was established in 1983 and specializes in services such as performance analysis, feasibility studies and concept designs.
Vard said it was making the acquisition to accelerate its growth in North America and gain access to STXM’s portfolio of icebreakers, offshore vessels and sem-submersibles.
STXM has an order book of 38 ship designs for vessels under construction — about half of which are for offshore support vessels.
The deal was made for NOK 65 million, or about C$11 million.
