Vard Holdings unit wins contract worth NOK 100 million

SINGAPORE - Mainboard-listed shipbuilder Vard Holdings has announced that its unit Vard Electro signed a new contract to deliver an engineering and electrical installation package.

The contract is valued at about NOK 100 million (about S$16 million), and is for Britain's new polar research vessel, which is under construction, the Norwegian company said on Tuesday.

The unit is a system integrator which develops, produces, and supports advanced marine electronics and turn-key electrical systems for the global maritime and offshore industries.

Vard Electro has installed equipment on more than 300 vessels, including complete systems for power management, propulsion, automation and navigation.