VARD to Supply PSV to DOF, Vessel to Work for Chevron in Australia

Singapore-listed Vard Holdings Limited (VARD), a designer and shipbuilder of offshore and specialized vessels, announced Tuesday that it has secured a bareboat charter contract for the first of two vessels whose original shipbuilding contracts were terminated earlier during the year.

The vessel -- a platform supply vessel (PSV) of VARD 1 08 design -- was delivered from Vard Vung Tau yard in Vietnam and sold to its wholly owned subsidiary Vard Shipholding Singapore Pte. Ltd.

Norway's DOF will operate the PSV for Chevron in Australia under a four month bareboat charter contract, with an option to extend by another four months.

Meantime, VARD will continue to explore opportunities to sell the vessel.

Turning to the second PSV, whose contract was terminated in March, the vessel is still undergoing construction at Vard Vung Tau yard, with completion expected in the second quarter of 2016.

“I am delighted that together with our long-term client DOF, we have found a solution that secures employment for this vessel following completion at the yard in Vung Tau. Securing this charter in today’s difficult market is proof of the attractiveness of VARD-built vessels for some of the most demanding jobs in the offshore industry, and I am confident that successfully operating it in Australia will increase our chances for a sale,” CEO and Executive Director Roy Reite said in the press release.

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