Can you briefly explain how the legal team is structured, highlighting key individuals and their role within the department?

Vard is a market leading shipbuilding group operating in seven shipyards globally — three in Norway, two in Romania, one in Vietnam, and one in Brazil. Vard has merged key deliverables into the value chain and consists of 40 subsidiaries worldwide in 16 different jurisdictions. Vard’s legal team is expected to grow. It is led by Marianne Blindheim who has held the position since 2016. Marianne is a trusted advisor to the executive management team and the CEO both in legal, commercial, and strategic decisions. The highly skilled and commercial-minded Anne May Slinning supports Marianne, providing in-depth experience on corporate and contract law, together with Fredrik Astad Sve who is well-known for his analytic skills and high standard service. Vard is owned by Fincantieri — one of the world’s largest shipbuilding groups with over 230 years of history and listed on the Milan stock exchange. The legal team in Vard benefits from a close cooperation with the legal team in Fincantieri, especially with the lawyers Marco Potenza and Andrea Buti, creating valuable synergies and international competence in the legal field.

What are the most significant cases or transactions that your legal team has recently been involved in?

Vard was hit by the downturn in the oil and gas market. The group has been through significant organisational changes during the last year, and it has adopted new business strategies to remain competitive. The legal team in Vard has played a pivotal role in mitigating risks and promoting growth through downsizing processes and the closure of two Norwegian yards; together with the acquisition and sale of group companies, and the delisting of the holding company of Vard from the stock exchange in Singapore. Furthermore, support has been given in negotiations to secure contracts for new type of vessel tonnage because of the substantial reduction the world experienced in tenders for vessels in the oil and gas industry — the key focus has been to understand the risk and mitigate actions to safeguard Vard while increasing its presence in different markets.

As an example, the legal department negotiated the contracts for three coast guard vessels for the Norwegian Defence Materiel Agency of a value of NOK 5.2 bn. Without the innovative risk mitigating models put forward by the legal department such change in business strategy would impose a risk exposure not accounted for, when shifting markets. A great amount of work has also been laid down to reduce risk and disruptions due to the covid pandemic where the Norwegian yards have been heavily effected, given their reliance on foreign suppliers and equipment.

The legal department has also played a key role in the establishment of two separate business units within the Vard group, and to assist management in implementing necessary corporate governance structures and processes.

Marianne Blindheim
General counsel
Vard Group