Vard-Solstad Contract ‘Now Effective’

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

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.

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.

Delivery of the vessel is scheduled for 2Q 2016.

Solstad Offshore ASA, one of the largest offshore-shipping companies in Norway, 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.

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June 10, 2014