Vard wins $300 million, 15 vessel order

Vard says this rendering of the VARD 9 21 is "for illustration only" Vard says this rendering of the VARD 9 21 is "for illustration only"

MAY 11, 2014 – Vard Holdings Limited, which is 55.63% owned by Fincantieri has won a $300 million order to design and construct 15 module carrier vessels for Dubai headquartered Topaz Energy and Marine.

The vessels are being built to VARD 9 21 design, specially developed by Vard Design to navigate shallow river systems as they transport modules for oilfields in Kazakhstan through the Russian waterways.

Measuring 123 m by 16.5 m, the vessels are designed to carry high deck loads of up to 1800 tons. They will be operated by Topaz through a consortium led by Blue Water Shipping for the end-client Tengizchevroil, a joint venture of a joint venture between Chevron, ExxonMobil, KazMunayGas and LukArco. It operates the Tengiz oilfield in the northeast of the Caspian.

Nine of the vessels will be built in Vard's Romanian shipyards —five at Vard Braila  and four at Vard Tulcea. The remaining six will be built at Vard's Vung Tau shipyard in Vietnam. Delivery is scheduled between third quarter 2017 and second quarter 2018.

Topaz Energy and Marine CEO Mr. René Kofod-Olsen, said, "Vard's longstanding shipbuilding traditions, cutting-edge innovation and technology perfectly complement Topaz's reputation for providing quality and bespoke services to meet our client's needs. Vard has demonstrated great craftsmanship and deployed innovative solutions throughout this process and we look forward to deepening our relationship with the group."

Vard CEO and Executive Director Mr. Roy Reite said, "We are honored to have been selected by Topaz to develop the tailor-made vessels for this project. Vard has a long history of projects for the Caspian region, with seven vessels specifically developed for shallow-water operations delivered since 2010. Topaz currently operates three vessels built by Vard in the Caspian, and has two light construction vessels for international operations on order from Vard. This project strengthens our relationship with Topaz and our foothold in the region. It also provides significant employment for our Romanian and Vietnam yards for the next two years, at a time when investment in new vessels for the oil and gas sector is limited elsewhere."

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