Vard Holdings secures S$113.6m worth of Icelandic contracts

MAINBOARD-LISTED Vard Holdings has secured contracts worth some 700 million Norwegian Krones (S$113.6 million) for the design and construction of seven stern trawlers for four Icelandic shipowners.

The four shipowners are: Bergur-Huginn, Utgerdarfelag Akureyringa, Gjögur and Skinney-Thinganes, Vard said in a filing to the Singapore Exchange (SGX) on Sunday.

The designer and shipbuilder of specialised vessels said together with the Icelandic parties, they have developed a new concept for the trawlers for more efficient fishing operations in Iceland.

The vessels, measuring 29 by 12 metres, will be constructed and outfitted by Vard Aukra in Norway for deliveries in 2019.

The Vard Aukra yard was established in 1949, and is well known for its deliveries of fishing vessels, ferries, offshore vessels and other highly specialised vessels.

In recent years, Vard Aukra has developed among others a new portfolio ranging from service boats, barges and operation platforms, to large fish feed carriers and live fish carriers for the aquaculture and fisheries industry.