Vard signs LOI to build largest vessel in Solstad's fleet

SGX mainboard-listed Vard Holdings has secured its largest single-vessel order, a job entailing the design and building of a large offshore subsea construction vessel (OSCV) for one of the largest shipping companies in Norway.

The Norwegian-based offshore shipbuilder - formerly known as STX OSV Holdings Limited - announced yesterday that it has signed a letter of intent (LOI) with Solstad Offshore to build what will be the largest vessel in Solstad's fleet. Vard did not give the value of the order.

At about 180m long, with a beam of 33m and a deck area covering more than 2,500 sq m, the vessel will also be the biggest Vard has ever built.