VARD Secures PSV Charter from DOF

Vard Holdings Limited announced it has secured a bareboat charter contract for the first of two vessels whose original shipbuilding contracts were terminated earlier during the year.

The vessel, a platform supply vessel (PSV) of VARD 1 08 design, was delivered from Vard Vung Tau in Vietnam and sold to Vard Shipholding Singapore Pte. Ltd., a newly established wholly-owned subsidiary of Vard Holdings Limited.

Under a bareboat charter contract with DOF for an initial duration of four months, with an option to extend by another four months, DOF will operate the vessel for Chevron in Australia.

In the interim, VARD said it continues to explore opportunities for a sale of the vessel.

The second PSV whose contract was terminated in March 2015 is still under construction at Vard Vung Tau, with an expected completion date in 2Q 2016.