Vard Secures Contract For One Arctic Anchor
Handling Tug Supply Vessel For Bourbon

Singapore, 7 February 2014

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that it has secured a contract with BOURBON, for the design and construction of one arctic Anchor Handling Tug Supply vessel (AHTS).

The arctic AHTS vessel is designed by Vard Design, developed for world-wide anchor handling and remote operations, with a total length of 93.6 meters, a beam of 24 meters and a bollard pull of approx. 270 ton. The vessel is arranged for ROV (Remote Operating Vehicle), and has accommodation capacity for 60 persons. This vessel has superior anchor-handling capabilities as well as a hybrid propulsion system providing energy savings.

The vessel will be operated by Bourbon Offshore Norway and is scheduled for delivery from Vard Brattvaag in Norway in 1Q 2016. The hull of the vessel will be deliver ed from Vard Tulcea in Romania.

VARD has in the past delivered another seven sophisticated vessels to BOURBON and is pleased to welcome the company back into its client portfolio.

About VARD
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 10,000 employees, VARD operates ten strategically located shipbuilding facilities, including five in Norway, two in Romania, two in Brazil and one in Vietnam.

VARD’s long shipbuilding traditions, cutting-edge innovation and technology coupled with its global operations ensure access to the fastest growing oil exploration markets. The Group’s expertise and track record in constructing complex and highly customized offshore and specialized vessels have earned it recognition from industry players and enabled it to build strong relationships with its customers.

VARD was listed on the Main Board of the Singa pore Exchange on 12 November 2010. Majority shareholder Fincantieri Oil & Gas S.p.A., a wholly owned subsidiary of FINCANTIERI S.p.A., owns 55.63% in the Group. Headquartered in Trieste, Italy, FINCANTIERI is one of the world’s largest shipbuilding groups and has, over its 200 years of maritime history, built more than 7,000 vessels. www.vard.com

About BOURBON
As a leader in offshore marine services, BOURBON offers the most demanding oil & gas companies a comprehensive range of surface and subsea marine services for offshore oil & gas fields and wind farms. These services are based on an extensive range of latest-generation vessels and the expertise of more than 10,000 competent professionals. The Group provides local service through its 27 operating subsidiaries, close to clients and their operations, and it guarantees the highest standards of service quality and safety worldwide.

BOURBON has two Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy. In 2013, BOURBON posted revenues of €1.312 billion and as of December 31 2013, it operated a fleet of 485 vessels. Under its “BOURBON 2015 Leadership Strategy” plan, the Group is investing in a large fleet of innovative and high-performance offshore vessels built-in series.

Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is included in the Deferred Settlement Service SRD, in the SBF 120 and CAC Mid 60 index. www.bourbon-online.com

VARD - press release