Vard Secures Its Largest Order, Norway

Vard Holdings Limited (VARD), one of the major global designers and shipbuilders of offshore and specialized vessels, has secured contracts with joint ventures of DOF Subsea and Technip for the design and construction of four Pipe Lay Support Vessels (PLSVs).

The contracts constitute the largest order in VARD’s history, with an aggregate order value of approximately USD 1.1 billion (NOK 6.5 billion).

Two of the vessels, of VARD 3 05 design, will be delivered in 2Q 2016 and 3Q 2016 respectively. The hulls of these vessels will be built at Vard Tulcea in Romania and outfitted at Vard Søviknes in Norway. The other two vessels, of VARD 3 16 design, will be delivered from Vard Promar in Brazil, in 4Q 2016 and 2Q 2017 respectively.

The award of these prestigious contracts reinforces VARD’s position as a leading provider of large and complex Offshore Subsea Construction Vessels (OSCVs). Through this order, VARD is able to capitalize on its track record, experience and world‐class design capabilities in Norway as well as its long‐standing presence and investments in the Brazilian market. The new designs have been developed in close cooperation with DOF and Technip. The Norwegian built vessels will carry pipe lay towers rated at 650 tons, among the largest ever in the industry.

At 340 tons, the Brazilian built vessels will be among the most complex vessels ever constructed in Brazil. Topside equipment for all four ships will be delivered by Huisman of the Netherlands.

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Press Release, August 12, 2013