Vard, NAO pen letter of intent for two PSVs

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

Related: Nordic American Offshore starts IPO in New York