Vard Holdings Limited News

05 Jun 2019

Vard to Build Another for Coral Expeditions

Photo courtesy of Fincantieri

Fincantieri’s subsidiary Vard Holdings Limited (Vard), one of the major global designers and shipbuilders of specialized vessels, signed a contract with the Australian cruise operator Coral Expeditions for the design and construction of a second expedition cruise vessel. The unit will be named “Coral Geographer”, sister ship of “Coral Adventurer” which entered the owner’s fleet last April.As for the first vessel of the class, “Coral Geographer” will be 93.4 meters long, will have a guest accommodation capacity of 120…

03 Jul 2018

Vard Wins Contract for Luxury Expedition Cruise Vessel

Photo: VARD

Vard Holdings Limited has announced that it has secured a new contract for the design and construction of one luxury expedition cruise vessel for German cruise company Hapag-Lloyd Cruises. The new expedition cruise vessel will join Hapag-Lloyd Cruises HANSEATIC series, together with the two vessels that VARD already has under construction for the Germany-based cruise company. Developed by VARD in close cooperation with Hapag-Lloyd Cruises, the vessels are specially designed for cruises in polar regions in the Arctic and Antarctica…

25 Jun 2018

Vard to Build Three Coast Guard Vessels for NDMA

Coast Guard Vessels (Photo: Vard)

Vard Holdings Limited  won a contract to build three coast guard vessels for the Norwegian Defense Materiel Agency (NDMA) in Norway. The value of the contract exceeds $616.5m.The Norwegian Government had originally announced plans for the construction of three new coast guard vessels in September 2016. Following review of offers from three competing yards, Vard Langsten was selected to continue negotiations in October 2017. The investments were approved by the Norwegian Parliament in the beginning of June 2018…

30 Apr 2018

Prysmian Orders New Cable Laying Vessel

Cable laying vessel for Prysmian Photo Vard Holdings

Vard Holdings Limited reported having been selected by Prysmian Group for the design and construction of one cable laying vessel. The contract value, including owner supplied special equipment, amounts to approximately €170 million (approximately $205 million).The cable layer is designed by Vard Design in Ålesund, Norway. Vard and Prysmian are currently completing the vessel’s design and according to contract activation scheme the commencement of construction phase is foreseen by end 2018. The vessel is scheduled for delivery from Vard Brattvaag in Norway, in 4Q 2020.

10 Apr 2018

First Stern Trawler with Energy Storage

Stern trawler for HAVFISK- Overall length 80 m  Breadth approx. 17 m  Stern trawler Photo Vard

Vard Holdings Limited said it has secured a new contract for the design and construction of a new stern trawler for HAVFISK AS. The contract value is slightly below NOK 400 million. The vessel will be the world’s first stern trawler with an integrated energy storage system, consisting of diesel mechanical/diesel electric propulsion and batteries. The energy storage system together with VARD’s SeaQ Power Management System for power optimization in all operations, will ensure low emission of carbon dioxide, NOx and noise.

04 Apr 2018

Vard Inks LOI for Viking Cruise Vessels

Cruise vessel Photo Filippo Vinardi - Fincantieri

Fincantieri subsidiary Vard Holdings Limited has signed a Letter of Intent for the design and construction of two special cruise vessels for Viking, with an option for two more vessels. The ships, with deliveries scheduled in Norway in 2Q 2021 and 2Q 2022 respectively, will be the first that Vard will build for this ship owner. The potential contract value for two vessels is expected to be approximately Norwegian Krone 4.5 billion, equal to more than euro 460 million. The parties have a common intention to enter into final contract by mid-2018.

07 Mar 2018

PONANT's Orders Two More Cruise Ships

VARD SECURES CONTRACT FOR THE DESIGN AND CONSTRUCTION OF TWO LUXURY EXPEDITION CRUISE VESSELS FOR PONANT Photo courtesy VARD

She was right. Yesterday, Vard Holdings Limited announced that it has secured contracts for the design and construction of two luxury expedition cruise vessels for French cruise company PONANT. VARD’s close working relationship with PONANT dates back to the contracts for the construction of a series of four luxury expedition cruise vessels confirmed in 2016. The vessels were designed for voyages to tropical destinations and remote ports only accessible to small capacity ships. The two new vessels will be identical to their four sister vessels.

01 Mar 2018

Vard Order Intake Zooms

Courtesy Vard Holding Ltd

With 13 new contracts secured in Q4 2017, VARD Holdings Limited's order intake of NOK 3.79 billion in the quarter increased the full year order intake ended December 31, 2017 to NOK 8.28 billion. The new contracts include a luxury polar expedition cruise vessel for a return customer, PONANT. The vessel is the first electric hybrid cruise icebreaker with dual fuel propulsion, featuring high-capacity batteries and LNG storage on board. The vessel is specially designed to take passengers to polar destinations.

05 Jan 2018

Boreal Orders Electric Ferry at Vard

Boreal’s new car and passenger ferry will sail on fully electric battery power from January 2020 (Image: Mult-Marine)

Shipbuilder Vard Holdings Limited said it has been awarded a contract to build a new car- and passenger ferry due for delivery to Norwegian public transport operator Boreal in the third quarter of 2019. The vessel will ply the Norwegian fjords powered by a fully electrical battery solution for continuous electric operations. Vard said the vessel’s hull will be constructed at one of its Romanian yards, Vard Braila, and final delivery will take place from Vard Brevik in Norway.

22 Dec 2017

VARD Wins Shipbuilding Contract

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of specialized vessels, has announced that it has secured contracts for the construction of two freight-and-service vessels for  FSV Group in Norway. The new freight-and-service vessels will be built by Vard Aukra in Norway, scheduled for deliveries in 3Q 2018 and 1Q 2019 respectively. The vessels are newly developed by FSV Group and Solstrand Trading for service and support in the aquaculture industry. The vessels will have a length of 19 meters and a beam of 10 meters. An operator of specialized vessels for maritime operations, FSV Group was established in 2011 in Molde, Norway. The company has a fleet of 10 specialized vessels and barges for freight and service operations.

18 Dec 2017

Ponant Orders Electric/LNG Icebreaker Cruise Ship

(Image: Stirling Design International)

French cruise line Ponant has ordered the world's first hybrid electric cruise icebreaker with liquefied natural gas (LNG) propulsion, due to take passengers to extremely remote polar locales from 2021. The polar-ready luxury liner will be constructed by Fincantieri subsidiary Vard Holdings Limited, who secured the approximately $320 million shipbuilding contract. The hull will be built at Vard Tulcea in Romania, with delivery from Vard Søviknes in Norway scheduled for the second quarter of 2021.

04 Dec 2017

Vard Tallies Orders for 7 Stern Trawlers

The seven ordered VARD 8 08 vessels, designed by Vard Design in Norway (Image: Vard)

Vard Holdings Limited announced it has secured contracts valued at approximately NOK 700 million ($84 million) for the design and construction of seven stern trawlers for Icelandic ship owners Bergur-Huginn, Utgerdarfelag Akureyringa, Gjögur and Skinney-Thinganes. Together, VARD and the four ship owners have developed a new concept for seven stern trawlers for fishing operations in Iceland. The vessels, measuring 29 by 12 meters, will be constructed and outfitted by Vard Aukra in Norway for deliveries in 2019.

03 Nov 2017

Vard to Build Vessel for Midt-Norsk Havbruk

(Image: Vard)

Vard Holdings Limited said it has secured a contract to build a new aquaculture service vessel for Midt-Norsk Havbruk in Norway. The vessel is scheduled for Q2 2018 delivery from Vard Aukra in Norway, who has previously delivered a live fish treatment barge to the same customer. The new vessel has been developed by Midt-Norsk Havbruk in close cooperation with Marin Design and is specially designed for fish farming operations. It will be equipped with a state-of-the-art deck machinery for handling and maintenance assignments.

13 Oct 2017

Vard to Negotiate for Three Coast Guard Vessels for Norway

Ship designer and builder Vard Holdings Limited announced that it has been invited to continue negotiations for the construction of three new vessels for the Norwegian Coast Guard. The Norwegian Government had originally announced plans for the construction of three new Coast Guard vessels in September 2016. Following review of offers from three competing yards, Vard Langsten has now been selected to continue negotiations. If the negotiations are successful, according to the Government’s timetable, the project shall be tabled for approval by the Norwegian Parliament in 2018. Delivery of the first vessel would be in 2022.

11 Sep 2017

Vard Wins Expedition Cruise Contract

Rendering of the VARD 6 01 (Image: Vard)

Vard Holdings Limited said it won a contract for the design and construction of an expedition cruise vessel for Coral Expeditions of Australia. Newly developed by Vard Design in Norway in cooperation with the customer, the vessel is specially designed for small ship expedition cruises to remote and exotic destinations in the regions of Asia-Pacific. The vessel of VARD 6 01 design, measuring 93.5 x 17.2 meters, with room for 120 guests. True to the Coral Expeditions business concept…

30 May 2017

Vard Confirms Fishing Vessel Contract for Aker BioMarine

VARD 8 10 for Aker BioMarine - Artist impression. Photo: VARD

Vard Holdings Limited (VARD), one of the major global designers and shipbuilders of specialized vessels, is pleased to announce that the contract for the design and construction of one krill fishing vessel for Aker BioMarine in Norway has been confirmed. The contract had been announced on 14 February 2017, with effectiveness of the contract still subject to certain conditions, including customary financing conditions. All conditions have now been fulfilled and the contract has become effective.

07 Apr 2017

Vard to Build Live Fish Transport Vessel

Image: Vard

Vard Holdings Limited has secured a contract for the design and construction of one live fish transportation vessel for Fjordlaks Aqua in Ålesund, Norway. The new live fish transportation vessel of VARD 8 50 design is scheduled for delivery from Vard Aukra in Norway in 3Q 2018. The hull will be built at Vard Braila in Romania. The VARD 8 50 is live fish transportation vessel with a flexible diesel electric propulsion system. The vessel with a length of 60.5 meters and a beam of 14 meters is developed for efficient, safe and sustainable operations.

10 Jan 2017

Vard Wins Two Ferries Contract from Torghatten Nord

Ferries for Torghatten Nord - Picture Multi-Maritime Photo VARD

Vard Holdings Limited (“VARD”)secured contracts for the construction of two LNG powered car- and passenger ferries for Torghatten Nord in Norway. The total contract value amounts to approximately NOK 600 million. The new car- and passenger ferries are designed for environmentally friendly operations in the Norwegian fjords, with a total capacity that is able to accommodate up to 180 cars and 550 passengers and crew. The ferries of Multi Maritime MM 125FD design will measure 130 meters in length with a beam of 20.7 meters, and will have a speed of approximately 18 knots.

12 Jan 2017

General Offer By FINCANTIERI O&G For VARD Shares

FINCANTIERI S.p.A. announces that in relation to the voluntary conditional general offer ("Offer") announced on November 13, 2016 by its subsidiary Fincantieri Oil & Gas S.p.A. ("Fincantieri O&G") for all the ordinary shares of Vard Holdings Limited ("Vard") other than those already owned, controlled or agreed to be acquired by Fincantieri O&G, its related corporations and their respective nominees, the acceptance condition of the Offer has been reduced to a level of more than 50% of the total number of Vard shares. As Fincantieri O&G already holds approximately 55.63% of the total number of Vard shares, the reduced acceptance condition has been satisfied, and as the Offer is not subject to any other conditions, it has been declared unconditional in all respects.

16 Jan 2017

Vard Signs LOI with International Cruise Entity

Vard Holdings Limited has  announced that it has signed a Letter of Intent (“LOI”) for the design and construction of an expedition cruise vessel for an undisclosed international cruise company.   Developed in close cooperation with the customer, the luxury vessel will be about 145 meters long and 20 meters wide, with accommodation for 220 passengers. The hull of the vessel will be built by VARD’s shipyard in Tulcea, Romania. Delivery is scheduled from one of VARD’s Norwegian yards in 2019.   The contract price is expected to be approximately NOK 1 billion ($117 mln). The parties have a common intention to enter into a firm contract within 1Q 2017, subject to several conditions being met, including satisfactory financing.

14 Feb 2017

VARD bags Aker BioMarine Fishing Vessel Order

Aker BioMarine fishing vessel - Artist impression Photo VARD

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of specialized vessels has secured a contract for the design and construction of one krill fishing vessel for Aker BioMarine in Norway. The new and innovative vessel of VARD 8 10 design is specially developed for sustainable fishing operations in Antarctica. The vessel will measure 130 meters in length, have a beam of 23 meters, and will be equipped with state-of-the-art technology for environmentally friendly operations.

02 Mar 2017

Vard Secures Trawler Build Contract

Artist impression: Skipsteknisk

Vard Holdings Limited said it has secured a contract to build a pelagic trawler for Research Fishing Company, based on Shetland. The contract value is approximately NOK 350 million (roughly $41.4 million USD). In close cooperation with the ship owner, the vessel is designed by Skipsteknisk in Ålesund, Norway. It will also be built, equipped and completed in Norway. Delivery is scheduled from Vard Langsten in 3Q 2018. The 80-meter-long pelagic trawler will be equipped with entirely electrically powered winches to reduce oil spills and pollutions…

06 Mar 2017

Vard Bags Norwegian Coast Guard Maintenance Deal

Vard Langsten has delivered newbuildings and conversions for the Norwegian Defense Logistics Organization for many years. The first vessel was delivered in 1993, and the latest in 2015. (Archive photo: Norwegian Armed Forces)

Vard Holdings Limited said it has secured a framework agreement for the maintenance of five Coast Guard vessels for the Norwegian Defense Logistics Organization.  The framework agreement, assigned to Vard Langsten in Norway, includes ship maintenance and corrective maintenance of the Norwegian Coast Guard’s Nornen series of five vessels. The total contract value is approximately NOK 48 million (approximately $5.7 million) over a period of four years, with options for three more years.

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