Vard unit secures $24.7m contract in India

SINGAPORE - Mainboard-listed Vard Holdings, a designer and shipbuilder of specialized vessels, announced on Tuesday (Sept 13) that its subsidiary, Vard Electro AS, has secured a contract for the delivery of an equipment and electrical installation package to Cochin Shipyard Ltd for a vessel under construction for the Government of India.

Contracted by the yard in August 2015 and expected to become operational in 2018, the vessel will be equipped with several of Vard's SeaQTM products and systems.

The value of the contract is approximately 150 million Norwegian krone (S$24.7 million), said Vard.

The contract includes engineering to support the shipyard in the approvals process, delivery of a SeaQTM Electric Propulsion and Integrated Automation System package, SeaQTM Bridge systems, complete generator sets, and the complete electrical installation on board the vessel.

It added that the contract follows many years of cooperation with Cochin, and includes support from Vard Electro's subsidiary in Kochi, India, situated close to the shipyard. The local company will provide engineering and installation services throughout the project, at the same time building up Vard's electrical engineering and production capabilities in India.