Vard confirms largest vessel order yet

JUNE 10, 2014 — Solstad Offshore ASA has turned an LOI with Vard into a firm contract for the design and construction of a large offshore subsea construction vessel (OSCV), that will be the largest single vessel order in Vard's history.

Solstad inked the deal after firming up a charter for the vessel with an undisclosed major international offshore contracting company that will charter the vessel for a minimum of 8 years from delivery,  which is scheduled to be in second quarter 2016.

The vessel is a Vard 3 19 design, developed by Vard Design in Ålesund, Norway. The hull of the vessel will be built at Vard's Tulcea shipyard in Romania, while outfitting will take place at Vard's Brattvaag shipyard in Norway.

The vessel, which will be the largest in the Solstad fleet as well as the largest ever constructed by Vard, will have a 550 ton top tension vertical lay system, enabling the installation of large diameter flexible pipes in ultra-deep water and in harsher environments. In addition, it will feature a 600 ton active heave compensated offshore crane and a 4,000 ton under-deck carousel for storage of flexible pipes, cables and umbilicals.

The vessel will be about 180 meters long, have a beam of 33 meters and a deck area of more than 2,500 sq.m.

Though Vard doesn't say what the contract is worth, it says the contract value has already been included in the new order intake and order book values reported at the end of first quarter 2014.