Vard Clinches $101M Contracts to Construct 2 OSVs

Vard Holdings Limited (VARD), one of the major global designers and shipbuilders of offshore and specialized vessels, reported Wednesday that it has secured contracts with an undisclosed customer for the construction of two offshore support vessels. The total value of the contracts amounts to close to $100.8 million (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.

Separately, VARD announced Tuesday that it 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.

The vessel is a VARD 3 19 design, developed by Vard Design in Alesund. 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-deepwater 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 590 feet (180 meters) long, have a beam of 108 feet (33 meters) and a deck area of more than 26,910 square feet (2,500 square meters).

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.


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