Topaz Orders 2 Subsea Vessels from Vard for Over $100M, Delivery in 2017

Vard Holdings Limited (VARD), a Singapore-listed designers and shipbuilders of offshore and specialized vessels, announced Sunday that it has secured new contracts for the design and construction of two Offshore Subsea Construction Vessels (OSCV) for a new customer, Dubai-based Topaz Energy and Marine (Topaz).

Specially developed for crane operations and light subsea construction with intervention duties, the vessels will be of VARD 3 08 design, measuring a total length of 321.8 feet (98.1 meters) with a beam of 65.6 feet (20 meters). Designed by Vard Design in Ålesund, Norway, and with hulls to be constructed at Vard Tulcea in Romania, delivery is scheduled from Vard Brattvaag in Norway in 3Q 2017 and 4Q 2017 respectively. The aggregate value of the two contracts exceeds $100 million.

The DP2 class vessels will have a 120-ton active heave compensated offshore crane with the capability to reach working depths of 9,842.5 feet (3,000 meters). Subsea equipment can be lowered down onto the seabed through a 23.6 feet (7.2 meters) x 23.6 feet (7.2 meters) moonpool or over the shipside. In addition, both vessels will be prepared for two Remote Operated Vehicles (ROVs), which are deployed via Launch and Recovery Systems (LARS) in the ship’s side. The vessels will be built according to the latest Special Purpose Ship (SPS) regulations, and can accommodate up to 82 persons in high standard cabins.

CEO and Executive Director Roy Reite commented, “We are honored to receive these contracts from our new customer in Dubai, and are pleased to welcome the company into VARD’s client portfolio. We look forward to developing these new vessels closely with the Topaz team."