Vard shares up on new cruise ship order

Singapore

NEWS of Vard Holdings' one billion Norwegian kroner (S$168 million) cruise shipbuilding order lifted shares in the yard group to an intra-day high of S$0.25 on the Singapore bourse on Tuesday, above a standing offer from its Italian parent, Fincantieri, to take the Singapore subsidiary private.

Vard announced past midnight on Monday that it had signed a letter of intent for the design and construction of an expedition cruise vessel for an undisclosed international cruise company. The contract price for the luxury vessel, due for delivery in 2019, is expected to be about one billion kroner.