VARD Secures Largest Single Vessel Order in Its History

Vard Holdings Limited (“VARD”) has entered into a Letter of Intent with Solstad Offshore (“Solstad”) for the design and construction of a large Offshore Subsea Construction Vessel (OSCV). The contract will be the largest single vessel order in VARD’s history.

VARD Secures Largest Single Vessel Order in Its History

The vessel is a 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.

The vessel, which will be the largest in the Solstad fleet as well as the largest ever constructed by VARD, will have a 550 ton top tension vertical lay system, enabling the installation of large diameter flexible pipes in ultra-deep water and in harsher environments. In addition, it will feature a 600 ton active heave compensated offshore crane and a 4,000 ton under-deck carousel for storage of flexible pipes, cables and umbilicals. The vessel will be about 180 meters long, have a beam of 33 meters and a deck area of more than 2,500 m2.

Solstad Offshore ASA is among the largest 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 48 vessels all over the world. Solstad Offshore is headquartered in Skudeneshavn, Norway and has branch offices in Brazil, Singapore, the Philippines, the United Kingdom and Australia.

Press Release, March 11, 2014

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