VARD Secures $65M 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, announced Friday that it has secured a new contract with Island Offshore for the construction of one advanced offshore support vessel. The value of the contract amounts to approximately $65.24 million (NOK 400 million).

The vessel is scheduled for delivery from Vard Brevik in Norway in 1Q 2015. The hull of the vessel will be delivered from Vard Braila in Romania. The vessel is designed by Rolls-Royce.

CEO and Executive Director, Roy Reite, at VARD says, “We appreciate the long-term relationship we have with Island Offshore. This cooperation has once again resulted in an innovative new project for VARD. In total, we have delivered more than 30 vessels to Island Offshore. Currently, VARD has five vessels under construction for Island Offshore. We look forward to continuing and developing this excellent relationship.”

The Island Offshore Group is a leading provider of services to the offshore industry managing a fleet of 28 vessels including 4 newbuildings. The vessels are currently operating in Brazil, Gulf of Mexico, West Africa and in the North Sea.