The acquired entity, which has 75 employees and offices in Houston and Ottawa, will be renamed Vard Marine.

The Vancouver-based marine engineering and design company is said to boast more than 30 years of history.

Singapore-listed Vard, which is controlled by Fincantieri, says current president Dave McMillan will continue to lead the company.

“Through this acquisition Vard is really able to accelerate its growth strategy in North America,” said Vard chief executive Roy Reite.

“It