Vard signs letter of intent to build cruise ship for one billion kroner

VARD Holdings has signed a letter of intent to design and build a cruise vessel for about one billion kroner (S$167.6 million).

The Singapore-listed shipbuilder did not disclose the name of the buyer, except to say that it is an international cruise company.

The luxury vessel will be about 145 m long and 20 m wide, with accommodation for 220 passengers. The hull of the vessel will be built by Vard's shipyard in Tulcea, Romania. Delivery is scheduled from one of Vard's Norwegian yards in 2019.

Vard said that the parties plan to enter into a firm contract in Q1 2017, subject to several conditions being met. These include satisfactory financing.