Vard confirms largest single vessel order in its history

Vard Holdings Limited today confirmed that the contract for the design and construction of a large Offshore Subsea Construction Vessel (OSCV) with Solstad has been made effective.

The contract is the largest single vessel order in VARD’s history. The contract value has already been included in the new order intake and order book values reported at the end of 1Q 2014. The Letter of Intent for this contract was signed in March 2014.

The vessel is of VARD 3 19 design, developed by Vard Design in Ålesund. The hull of the vessel will be built at Vard Tulcea in Romania, while outfitting will take place at Vard Brattvaag in Norway. Delivery of the vessel is scheduled for 2Q 2016.

Solstad Offshore ASA is among the largest offshore-shipping companies in Norway, providing advanced vessels and extensive maritime competence for operations related to the offshore petroleum industry. The company has about 1,800 employees, and operates 47 vessels all over the world. In addition, the company has two large subsea vessels under construction.

Solstad Offshore is headquartered in Skudeneshavn, Norway and has branch offices in Brazil, Singapore, the Philippines, the United Kingdom and Australia.