Vard to Build Two PSVs for NAO

Further to Vard’s announcement on June 2, 2014 that it signed a letter of intent with Nordic American Offshore, Vard Holdings Limited confirmed that the contracts for the design and construction of two Platform Supply Vessels (PSV) have been made effective. According to NAO, the ships will cost about $43 million each.

NAO said the newbuilds will have essentially similar design and capabilities as its current fleet, making them suited for operations in the North Sea and in cold climate conditions.

The vessels are of Vard 1 08 design, developed by Vard Design in Ålesund, Norway. The hulls of the vessels will be built at Vard Braila in Romania. Delivery is scheduled from Vard Aukra on the west coast of Norway in 2Q and 3Q 2015, increasing NAO's fleet to 10 PSVs.

NAO had six PSVs when the company was established in November 2013. In total, four newbuildings are scheduled to be delivered to NAO in 2015.

vard.com

nat.bm