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

Key highlights:

· The Platform Supply Vessel (“PSV”) of VARD 1 08 design, will be operated 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

· The PSV 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

· Meanwhile, VARD will continue to explore opportunities for the 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

Tags: Vard Holdings Limited (VARD)