VARD to Build Two Offshore Support Vessels Worth USD 100 Mln

Business & Finance

March 12, 2014

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, secured contracts with an undisclosed customer for the construction of two offshore support vessels.

The total value of the contracts amounts to close to NOK 600 million.

Delivery is scheduled from Vard Brevik in Norway in 3Q 2015 and 4Q 2015. The hulls of the vessels will be delivered from Vard Braila in Romania.

VARD is a major global shipbuilder, constructing offshore and specialized vessels used in the offshore oil and gas exploration & production and oil services industries.

VARD has ten shipbuilding facilities worldwide – five in Norway, two in Romania, two in Brazil and one in Vietnam. The strategically located shipyards enable it to meet every need of a diverse and sophisticated global customer base.

Press Release, March 12, 2014; Image: VARD