Two Topaz OSCV Order for Vard

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, has secured new contracts for the design and construction of two Offshore Subsea Construction Vessels (“OSCV”) for a new customer, Dubai-based Topaz Energy and Marine (“Topaz”).

Specially developed for crane operations and light subsea construction with intervention duties, the vessels will be of VARD 3 08 design, measuring a total length of 98.1 meters with a beam of 20 meters. Designed by Vard Design in Ålesund, Norway, and with hulls to be constructed at Vard Tulcea in Romania, delivery is scheduled from Vard Brattvaag in Norway in 3Q 2017 and 4Q 2017 respectively. The aggregate value of the two contracts exceeds USD 100 million.

Mr. Roy Reite, CEO and Executive Director of VARD, commented, “We are honored to receive these contracts from our new customer in Dubai, and are pleased to welcome the company into VARD’s client portfolio. We look forward to developing these new vessels closely with the Topaz team."