Vard signs letter of intent with Ponant

VARD Holdings has signed a letter of intent for the construction of four luxury expedition cruise vessels for French cruise company Ponant.

The vessels will be developed by Vard, Ponant, and Fincantieri. The ice-class expedition cruise vessels will be approximately 10,000 gross tons, about 128 metres long, 18 metres wide and will have a cruise speed of 15 knots. Each vessel can accommodate 180 passengers (92 cabins) and a crew of 110. The vessels will be arranged with luxury facilities on board, fulfilling the highest demands for environmentally friendly and safe operations.

Delivery is scheduled from Vard in Norway in the period summer 2018 to summer 2019. The partners have a common intention to enter into contracts in Q2 2016, subject to several conditions being met, including satisfactory financing.

Vard's CEO and executive director Roy Reite said: "This project is fully in line with our diversification strategy to enter the expedition cruise market, realizing synergies and increased cooperation with our majority owner Fincantieri. We look forward to become acquainted with Ponant and their team, and we are honoured to have been chosen as the preferred partner in this project."