Vard Holdings unit wins contract worth NOK 100 million

SINGAPORE - Mainboard-listed shipbuilder Vard Holdings has announced that its unit Vard Electro signed a new contract to deliver an engineering and electrical installation package.

The contract is valued at about NOK 100 million (about S$16 million), and is for Britain's new polar research vessel, which is under construction, the Norwegian company said on Tuesday.

The unit is a system integrator which develops, produces, and supports advanced marine electronics and turn-key electrical systems for the global maritime and offshore industries.

Vard Electro has installed equipment on more than 300 vessels, including complete systems for power management, propulsion, automation and navigation.

rachaelb@sph.com.sg