Vard inks LOI for expedition cruise ship

Vessel's hull would be produced by Vard's Tulcea, Romania, shipyard

JANUARY 16, 2016 — The market for expedition cruise ships continues to develop. Vard Holdings Limited says that it has signed a Letter of Intent (“LOI”) for the design and construction of an expedition cruise vessel for an “undisclosed international cruise company.”

Developed in close cooperation with the customer, the luxury vessel will be about 145 meters long and 20 meters wide, with accommodations for 220 passengers. That compares with the 138 m x 22 m dimensions of the two 240-passenger expedition ships Vard is building for Hapag-Lloyd Cruises.

The hull of the vessel announced today will be built by Vard’s shipyard in Tulcea, Romania. Delivery is scheduled from one of the shipbuilder’s Norwegian yards in 2019.

The contract price is expected to be approximately NOK 1 billion (about $117 million). The parties have a common intention to enter into a firm contract within first quarter 2017, subject to several conditions being met, including satisfactory financing.