Singapore-listed Vard Holdings secures record $1.38bn order to build four vessels

Shipbuilder Vard Holdings, which is listed on the Singapore Exchange mainboard, said Monday it had secured the largest order in its history to design and construct four pipe lay support vessels.

The contracts are worth a total of about US$1.1 billion (S$1.38 billion) and were awarded by joint ventures of subsea service group DOF Subsea and project management, engineering and construction firm Technip, the company said.

Two of the vessels will be delivered in the second and third quarters of 2016 respectively. The hulls of these vessels will be built at Vard Tulcea in Romania and outfitted at Vard Søviknes in Norway.

The other two vessels will be delivered from Vard Promar in Brazil, in the fourth quarter of 2016 and second quarter of 2017 respectively.

"The award of these prestigious contracts reinforces Vard's position as a leading provider of large and complex Offshore Subsea Construction Vessels," the company said in a statement.

Vard chief executive and executive director Roy Reite added: "I look forward to working with DOF and Technip on these milestone projects. Vard yards in both Europe and Brazil being chosen to build these vessels illustrates the value of having a global presence when working with international clients, and bringing leading edge technology to new markets."