Vard Holdings secures NOK800m OSCV contract

Awarded by Farstad Shipping.

Vard Holdings Limited (VARD) announced that it has secured a new contract for the design and construction of one Offshore Subsea Construction Vessel (OSCV) worth ~NOK800m.

"This contract is awarded by Farstad Shipping, which is an existing customer of VARD. Delivery for this OSCV is scheduled for 3Q15, and will be used for subsea and Inspection, Maintenance and Repair (IMR) operations," notes oCBC.

The contract follows VARD's recent announcement on 12 Aug 2013 that it had won four Pipe Lay Support Vessels (PLSVs) contracts with an aggregate order value of ~NOK6.5b.

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