Norway's Vard Wins OSV Contract

Vard contracted by Island Offshore for the construction of an advanced offshore support vessel (OSV) of Rolls-Royce design.

The value of the contract amounts to approximately NOK 400 million and delivery is scheduled from Vard Brevik in Norway in Q3-2014.

The hull of the vessel will be delivered from Vard Braila's shipyard in Romania.

The Island Offshore Group is a leading provider of services to the offshore industry managing a fleet of 23 high quality vessels with an average age of less than four years, currently operating in Brazil, Mexico, USA and in the North Sea. Vard say that they have delivered close to 30 vessels to Island Offshore in the past, in addition to seven vessels currently under construction.