Vard, a designer and shipbuilder of specialized vessels, has entered into an agreement to acquire Storvik Aqua, equipment provider to the aquaculture industry.
The purchase price is approximately NOK 35 million or some $4.3 million.
Headquartered in Sunndalsøra, Norway, Storvik Aqua has a production facility in Norway as well as subsidiaries in Chile and Scotland, and a total workforce of 33 employees.
The company will continue to operate under its existing brand name, but in close interaction with the Vard Aukra shipyard. Its products range from biomass measuring, feeding equipment and oxygen optimization to tools for closed cage treatment and logging of environmental data.
Storvik Aqua’s products will enable Vard Aukra to deliver specialized vessels for fish farming with innovative integrated solutions, differentiating it in the market. Storvik Aqua also provides a platform for the development of new solutions, in particular within bio mass measurement and fish health related equipment. It has just launched the AkvaVision camera, a new solution for more accurate bio mass measurement by use of underwater camera.
CEO and executive director, Roy Reite , said: “Through this acquisition, VARD confirms its position as a provider of innovative solutions for the aquaculture business. We are excited about the opportunities this generates for VARD and welcome the employees, new clients and business partners to VARD.“