VARD CEO Roy Reite named winner of «Industry Leader» award
2016-12-20

VARD is pleased to announce that Offshore Support Journal (“OSJ”), a British magazine and organizer of conferences for the offshore services sector, has named CEO Roy Reite winner of the «Industry Leader» award amongst 50 nominated industry leaders world-wide.
 
David Foxwell, editor of OSJ, said:
“In a downturn, everyone wants to diversify. Some companies manage to do so better than others. VARD, where Roy Reite has been CEO for a number of years, used to obtain most of its business from the offshore vessel market, but since that market slumped it has had to diversify. Led by Mr Reite it has done so more quickly and more effectively than many other yards.
 
“With strong support from the company’s main shareholder, Fincantieri, Mr Reite and his management team have quickly come to terms with the downturn and struck out in new directions. It is often said that large organizations can be hard to turn around or take in a new direction simply because of their size, and that smaller ones are more ‘nimble’, but VARD has responded at a fast pace, especially for what is actually a large and geographically diverse shipbuilding organization. Other yards in Norway in particular, must envy VARD for its success.
 
“Mr Reite and his team have plenty of challenges ahead, but they have made a good start to reorienting and restructuring the group as a whole, and with its core market for high-specification offshore vessels showing continued signs of weakness, the group has begun picking up orders from other sectors, such as the cruise ship market. It has also strengthened its expertise and networks in new markets, recording breakthroughs in the aquaculture market.”
 
On the award, Mr Reite commented:
“This was a very pleasant surprise. I give all credit to our highly adaptable employees in VARD. Together we have developed a broad portfolio of vessels and solutions that have given us new opportunities in new markets. I appreciate the recognition, and I am humbled by the number of talented industry leaders who, together with their teams, have made huge contributions to the industry. With many of them we have had a good and productive cooperation for a number of years.
 
“VARD has signed contracts for more than 10 billion NOK so far this year: A total of 27 specialized vessels, including one stern trawler, 20 module carrier vessels and six luxury expedition cruise vessels, in addition to barges and solutions to the fishery and aquaculture industry. The order intake also includes conversions and maintenance of vessels, as well as our specialized subsidiaries’ sales of products and services to other players in the market.”
 
Mr Reite added: “We find ourselves in difficult times, and we know we have demanding times ahead. OSJ presents in its publication a number of companies that have both individually and in cooperation made huge technological leaps. New requirements and opportunities lie ahead; now is the time to manage our expertise right in order to create interesting projects.”
 
In the publication “OSJ Industry Leaders”, 50 industry leaders from various companies operating within the offshore sector are portrayed. Mr Reite will receive the award during a conference to be held by OSJ in London in February 2017.
 
For further reading, the OSJ publication “OSJ Industry Leaders” can be downloaded through the following link:
 
 
About Offshore Support Journal’s “Industry Leader” award:
Offshore Support Journal’s Industry Leaders provides the global OSV industry with a definitive guide to the most influential people in the sector, be they ship owners, shipbuilders, brokers, vessel designers or other individuals who stand out for the contribution they make, and are making, not just to the development of their own organizations, but to the industry as a whole. The person adjudged to be the most influential of all will receive an ‘Industry Leader’ award at the Annual Offshore Support Journal Awards which will take place in London in February 2017.
 
    © VARD