Vard: Contracts for two PSVs confirmed

Contracts for the construction of two offshore supply vessels by Vard for Nordic American offshore become effective.

Further to the announcement on 2 June 2014 entitled “VARD signs letter of intent with Nordic American Offshore,” Vard Holdings Limited today confirmed that the contracts for the design and construction of two Platform Supply Vessels (“PSV”) have been made effective.

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 in Norway in 2Q and 3Q 2015.

The delivery of these two platform supply vessels will increase the Nordic American Offshore’s fleet to 10 PSVs during the second and third quarter of 2015. In November 2013, when the company was established, NAO had six PSVs.

The price of the vessels is about $43m each. NAO started trading on the New York Stock Exchange (NYSE) earlier this month. In total, four newbuildings are scheduled to be delivered to NAO in 2015.

Offshore Energy Today Staff, June 23, 2014

 

 

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