VARD Secures $168M Contract to Build OSV for Island Offshore

Singapore-listed Vard Holdings Limited (VARD), one of the major global designers and shipbuilders of offshore and specialized vessels, disclosed Friday that it has secured a new contract with Island Offshore for the construction of one offshore support vessel of Rolls-Royce design. The value of the contract is in excess of $167.6 million (NOK 1 billion).

Delivery is scheduled from Vard Brevik in Norway in 2Q 2016. The hull of the vessel will be delivered from Vard Tulcea in Romania.

The Island Offshore Group is a leading provider of services to the offshore industry managing a fleet of more than 30 high quality vessels with an average age of less than four years, currently operating in Brazil, West Africa, the Gulf of Mexico and in the North Sea. VARD has delivered more than 30 vessels to Island Offshore in the past, in addition to five vessels currently under construction.

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