Vard Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that 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 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.
CEO and Executive Director Roy Reite commented, “I am delighted that together with our long-term client DOF, we have found a solution that secures employment for this vessel following completion at the yard in Vung Tau. Securing this charter in today’s difficult market is proof of the attractiveness of VARD-built vessels for some of the most demanding jobs in the offshore industry, and I am confident that successfully operating it in Australia will increase our chances for a sale.”
