Singapore-listed shipbuilder Vard Holdings has secured a new contract worth 800 million krone (S$169 million) to design and build an offshore subsea construction vessel.

The vessel has been commissioned by Norway-based supply shipping company Farstad Shipping, a repeat customer of Vard.

The new vessel is being developed for subsea and inspection, maintenance and repair operations. It will be equipped with two offshore cranes, is arranged for three remote operating vehicles, and can accommodate 130 persons.

Delivery of the vessel is scheduled for the third quarter of 2015.