Mainboard-listed Vard Holdings, a major designer and shipbuilder of offshore and specialised vessels, said on Wednesday that it has secured a contract for the design and construction of one offshore subsea construction vessel for Farstad Shipping.

The contract amount was not disclosed.

The vessel was specially designed by Vard Design in Ålesund, Norway, with a total length of 98 metres and a beam of 21.5 metres.

Delivery is scheduled from Vard Vung Tau in Vietnam in the fourth quarter of 2016.

Said Vard CEO and executive director Roy Reite: "We appreciate the long-term relationship we have with Farstad, and this cooperation has once again resulted in a new and innovative project."