Vard acquires ICD Software

JUNE 24, 2015 — Vard Holdings Limited says that, through its subsidiary Seaonics, it has acquired ICD Software, a provider of automation and control system software for the offshore and marine sectors.

Established in 2011 and 51% controlled by Vard, Seaonics delivers winches, cranes and handling equipment to the offshore and maritime sector. The company has developed cranes for critical offshore lifting operations up to 250 t, and is one of the market leaders for Launch and Recovery Systems (LARS). Prior to the transaction, Seaonics employed 50 employees in Norway and a subsidiary in Poland.

ICD Software develops automation software and control systems, and employs 63 people, half of them in Norway and the remainder in two subsidiaries in Poland and Estonia.

The acquisition of ICD Software and its subsidiaries enables Seaonics to expand its business in deck handling equipment and automation technology. ICD Software has leading know-how and experience in automation and drive systems, and is expected to be an important contributor to the development of new products for Seaonics and other companies in the Vard group.

The new enlarged Seaonics will also be able to develop and deliver significant parts of the equipment for drilling vessels, including automation systems for cranes, winches, and other deck handling equipment, including the innovative drilling tower solutions from part-owned Castor Drilling Solution.

Vard Executive Vice President for Equipment and Solutions and Chairman of Seaonics, Stig Bjørkedal, commented, "This acquisition is a catalyst for growth and development of Seaonics, and an important step for Vard in strengthening our equipment and solutions portfolio. The integration of in-house developed automation and control system software enables us to offer a complete complex product delivery to the customer."

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