VARD Bags OSV Duo

Vard Holdings Limited (VARD), one of the major global designers and shipbuilders of offshore and specialized vessels, has secured contracts with an undisclosed customer for the construction of two offshore support vessels.

The total value of the contracts amounts close to $100.5 million.

Delivery of the newbuildings is scheduled from Vard Brevik in Norway in 3Q 2015 and 4Q 2015.

The hulls of the vessels will be delivered from Vard Braila in Romania.

VARD, headquartered in Norway and with 10,000 employees, operates ten strategically located shipbuilding facilities, including five in Norway, two in Romania, two in Brazil and one in Vietnam. The company’s long shipbuilding traditions, cutting-edge innovation and technology coupled with its global operations ensure access to the fastest growing oil exploration markets.

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March 12, 2014