Vard signs letter of intent with Solstad Offshore

Singapore, 11 March 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 entered into a Letter of Intent with Solstad Offshore (“Solstad”) for the design and construction of a large Offshore Subsea Construction Vessel (OSCV).

The contract will be the largest single vessel order in VARD’s history. The vessel is a 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.


VARD 3 19 Overall length about 180m | Breadth: 33m | Offshore Subsea Construction Vessel (OSCV). Image by VARD

Delivery of the vessel is scheduled for 2Q 2016. The vessel, which will be th e largest in the Solstad fleet as well as the largest ever constructed by VARD, will have a 550 ton top tension vertical lay system, enabling the installation of large diameter flexible pipes in ultra-deep water and in harsher environments. In addition, it will feature a 600 ton active heave compensated offshore crane and a 4,000 ton under-deck carousel for storage of flexible pipes, cables and umbilicals. The vessel will be about 180 meters long, have a beam of 33 meters and a deck area of more than 2,500 m2.

Solstad Offshore ASA is among the largest 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 48 vessels all over the world.

Solstad Offshore is headquartered in Skudeneshavn, Norway and has branch offices in Brazil, Singapore, the Philippines, the United Kingdom and Australia.

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

VARD - press release