Vard Holdings hit with $40m loss in Q1

On back of forex losses.

Vard Holdings reported a net loss of $40m (NOK 226m) in the first quarter, on back of unrealized foreign exchange losses from a 15-year USD-denominated yard construction loan in Brazil.

Net foreign exchange losses in the quarter amounted to $37m (NOK 207m). The group did not secure any new orders in the quarter.

Consequently, order book value at the end of the quarter amounted to $2.8 (NOK 15.6b), representing a 28% decrease compared to the same period last year.

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