Vard signs 4.5b-kroner deal with Swiss company Viking for 2 cruise ships

SHIPBUILDER Vard Holdings announced it has signed a letter of intent (LOI) with Swiss-based river cruise company Viking to design and build two cruise vessels in a deal worth some 4.5 billion Norwegian kroner (S$750.57 million).

There is an option for two more vessels in the LOI, Vard's media statement said, with both Vard and Viking having a "common intention" to enter into the final contract by mid-2018.

The vessels are developed by Vard Design in Norway and will be built at Vard's Romania shipyard.

Both will be delivered in Q2 2021 and Q2 2022 respectively to Viking, which presently operates a fleet of 60 vessels and describes itself as "the world's leading river cruise line".

Vard's chief executive and executive director Roy Reite said the company looks forward to continuing the "excellent cooperation" with the Viking team.

Vard's counter ended trading on Wednesday unchanged at S$0.25 apiece.