Norway: Vard Nabs OSV Construction Contract from Island Offshore

Vard Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels, announced that it has entered into a new contract with Island Offshore for the construction of one advanced offshore support vessel of Rolls-Royce design.

The value of the contract amounts to approximately NOK 400 million.

Delivery is scheduled from Vard Brevik in Norway in Q3-2014. The hull of the vessel will be delivered from Vard Braila in Romania.

The Island Offshore Group is a leading provider of services to the offshore industry managing a fleet of 23 high quality vessels with an average age of less than four years, currently operating in Brazil, Mexico, USA and in the North Sea. VARD has delivered close to 30 vessels to Island Offshore in the past, in addition to seven vessels currently under construction.

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VARD, May 3, 2013