Vard Electro wins major contract from Cochin Shipyard

SEPTEMBER 13, 2016 — Vard Holdings Limited reports that its subsidiary Vard Electro AS has secured a new contract worth about NOK 150 million (about $18.2 million) for the delivery of an equipment and electrical installation package to Cochin Shipyard Ltd. for a vessel under construction for the Government of India.

Contracted by the yard in August 2015 and expected to become operational in 2018, the vessel with a length of approx. 120 meters will be equipped with several of Vard's SeaQ products and systems.

The contract includes engineering to support the shipyard in the approvals process, delivery of a SeaQ electric propulsion and integrated automation system (IAS) package, SeaQ bridge systems, complete generator sets, and the complete electrical installation on board the vessel.

The new contract follows many years of cooperation between Vard and Cochin, and includes support from Vard Electro's subsidiary in Kochi, India, situated close to the shipyard. The local company will provide engineering and installation services throughout the project, at the same time building up Vard's electrical engineering and production capabilities in India.

Peter Pilskog, VP Sales & Marketing at Vard Electro, commented, "We are very pleased to have been chosen by Cochin Shipyard to supply the electrical and propulsion systems for this project, and look forward to a close cooperation where the two companies together deliver the best product for the end customer. This contract shows that Vard's know-how in electrical engineering and system integration is both sought-after and competitive in the international marketplace. "

Cochin Shipyard is recognized as one of India's top public sector shipyards, engaged in shipbuilding and ship repair in both the commercial and the defense sector. www.cochinshipyard.com

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