Vard Signs Letter Of Intent with an International Cruise Company

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that it has signed a Letter of Intent (“LOI”) for the design and construction of two expedition cruise vessels for an undisclosed international cruise company.

Developed by VARD in close cooperation with the customer, the vessels are specially designed for a high standard of facilities, ice-class and the highest demands for environmentally friendly and safe operations.

The expedition cruise vessels will be approximately 14,500 gross tons, about 137 meters long and 22 meters wide. Each vessel can accommodate 240 passengers in 120 cabins.

Delivery is scheduled from Vard Langsten in Norway in 1Q 2019 and 1Q 2020 respectively. The vessels are designed in close cooperation with the customer by Vard Design in Ålesund, Norway, and the hulls will be built by VARD’s shipyard in Tulcea, Romania.

CEO and Executive Director Mr. Roy Reite commented, “Our objective is to develop unique and tailor-made vessels to meet the needs of our customer to further develop their role in the expedition cruise market, and we are honored to sign a Letter of Intent for this exciting project. We look forward to continue our diversification strategy together with our new customers.”

The parties have a common intention to enter into contracts at the beginning of 3Q 2016.