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Vard lands $69m offshore vessel deal

Vard lands $69m offshore vessel deal
Vard Holdings, designer and builder of offshore support vessels (OSVs), entered into a contract with Island Offshore to construct one advanced OSV worth approximately NOK400m ($69m).

The OSV of Rolls-Royce design is scheduled to be delivered from Norway in the third quarter of 2014.

Vard, formerly known as STX OSV, has delivered closed to 30 vessels to Island Offshore in the past, in addition to seven vessels currently under construction.

Island Offshore is managing a fleet of 23 vessels currently operating in Brazil, Mexico, USA and in the North Sea.