The Letter of Intent (LOI) signed on March 11 2014 between Singapore-listed offshore and specialised shipbuilder VARD HOLDINGS LIMITED ("VARD") and Solstad Offshore ("Solstad") for the design and construction of a large Offshore Subsea Construction Vessel (OSCV) has been made effective, Vard said Tuesday in a press release.
The contract is the largest single vessel order in VARD’s history. The contract value has already been included in the new order intake and order book values reported at the end of 1Q 2014.
The vessel is of VARD 3 19 design, developed by Vard Design in Ålesund. The hull of the vessel will be built at Vard Tulcea in Romania, while outfitting will take place at Vard Brattvaag in Norway. Delivery of the vessel is scheduled for 2Q 2016.
General characteristics: Design - VARD 3 19, LOA - 180 m, breadth - 33 m, deck area - more than 2,500 m2.
Solstad Offshore ASA is among the largest offshore-shipping companies in Norway, providing advanced vessels and extensive maritime competence for operations related to the offshore petroleum industry. The company has about 1,800 employees, and operates 47 vessels all over the world. In addition the company has two large subsea vessels under construction. Solstad Offshore is headquartered in Skudeneshavn, Norway and has branch offices in Brazil, Singapore, the Philippines, the United Kingdom and Australia.
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.
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