Vard wins new contract for offshore support vessel

SINGAPORE - Vard Holdings, a major offshore and specialised vessel designer and shipbuilder, announce on Friday that it has secured a new contract.

The agreement with Island Offshore, which offers services to the offshore industry, is to construct an offshore support vessel.

The contract is worth almost NOK 300 million (S$60 million).

The vessel's delivery from Vard Brevik in Norway is slated in the first quarter of 2016, and its hull will be delivered from Vard Braila in Romania.

Island Offshore also has five vessels under construction at Vard.