SINGAPORE - Fincantieri Oil & Gas has extended its buyout offer for Vard Holdings.

On Friday, Citigroup said on behalf of Fincantieri, the closing date for the $0.25 per share exit offer has been extended to Sept 5, 5.30pm.

Vard's minority shareholders were previously granted until 5.30pm on Friday (Aug 24) to take up the offer.

Fincantieri intends to take Vard private with this buyout offer. Vard's shareholders had approved its delisting in July.