Vard Grabs Three from NAO

Vard Holdings Limited (VARD) has entered into a Letter of Intent (LOI) with Nordic American Offshore Ltd. (NAO) for the design and construction of two Platform Supply Vessels (PSV), and an option for the third vessel.

The vessels are of VARD 1 08 design, developed by Vard Design in Alesund, Norway.

The hulls of the vessels will be built at Vard Braila in Romania. Delivery is scheduled from Vard Aukra in Norway in 2Q and 3Q 2015.

The LOI is valid until the end of 2Q 2014, with the option for the third vessel expiring at end-July 2014.

Vard Holdings Limited, together with its subsidiaries,  is a designer and a shipbuilder of offshore and specialized vessels used in the offshore oil and gas exploration and production and oil services industries.

Headquartered in Norway and with 10,000 employees, VARD operates ten strategically located shipbuilding facilities, including five in Norway, two in Romania, two in Brazil and one in Vietnam.

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June 2, 2014