Oaktree-backed Harkand orders DSCV at Vard

Vard 3 03 diving support and construction vessel Vard 3 03 diving support and construction vessel

DECEMBER 31, 2013 — Vard Holdings Limited has secured a contract worth more than NOK 1 billion from a new customer, Harkand Group, for the design and construction of a diving support and construction vessel (DSCV). The contract includes an option for a second vessel.

The vessel is of VARD 3 03 design, specially designed and equipped for diving and subsea operation duties with a high focus on seakeeping abilities, station keeping performances and low fuel consumption. It will be fitted with a 250 ton offshore crane, a ROV hangar, and a TWIN BELL 18 MAN SATURATION DIVING SYSTEM, supporting split level diving operations to a maximum diving depth of 300 meters.

The vessel is scheduled for delivery from the shipbuilder's Søviknes shipyard in Norway in second quarter 2016. The hull will be built at Vard Tulcea in Romania.

Headquartered in London, Harkand is a growing global subsea inspection, repair and maintenance (IRM) group formed in 2013 through the merger of Iremis, Integrated Subsea Services (ISS), Andrews Survey and Veolia Marine Services, following investment by Oaktree Capital Management. The group already has sales in excess of$400 million and aims to grow to $1 billion by 2017.