SGX-listed Vard wins $82.5m contract

Vard Holdings, which designs and builds offshore and specialized vessels, has secured a new contract with Island Offshore for the construction of an advanced offshore support vessel.

The value of the contract amounts to approximately NOK 400 million (S$82.5 million).

The vessel is scheduled for delivery from Vard Brevik in Norway in the first quarter of 2015.

The hull of the vessel will be delivered from Vard Braila in Romania. The vessel is designed by Rolls-Royce.

Vard chief executive Roy Reite said: "We appreciate the long-term relationship we have with Island Offshore. This cooperation has once again resulted in an innovative new project for Vard.

"In total, we have delivered more than 30 vessels to Island Offshore. Currently, Vard has five vessels under construction for Island Offshore. We look forward to continuing and developing this excellent relationship."

The Island Offshore Group is a leading provider of services to the offshore industry managing a fleet of 28 vessels including four newbuildings. The vessels are currently operating in Brazil, Gulf of Mexico, West Africa and in the North Sea.