Vard awarded NOK1 billion OSV contract from Island Offshore

Singapore-listed offshore and specialised shipbuilder VARD HOLDINGS LIMITED ("VARD") is pleased to announce that it has SECURED ANOTHER
CONTRACT for the construction of one offshore support vessel, for repeat customer ISLAND OFFSHORE, the shipbuilding group said Friday.

VARD has delivered more than 30 vessels to Island Offshore in the past. This marks VARD's second contract win this week and since the start of the second quarter, and its tenth newbuild since the beginning of 2014.

The contract is valued at NOK 1 billion. The vessel is scheduled for delivery from Vard Brevik in Norway in 2Q 2016. V

VARD currently has five vessels under construction for Island Offshore, the latest order being for an advanced offshore support vessel worth NOK 400 million contracted in November 2013.

Vard Holdings Limited (“VARD”), together with its subsidiaries (the “Group”), is one of the major global designers and shipbuilders of offshore and specialized vessels used in the offshore oil and gas exploration and production and oil services industries. Headquartered in Norway and with approximately 9,500 employees, VARD operates ten strategically located shipbuilding facilities, including five in Norway, two in Romania, two in Brazil and one in Vietnam.