Vard and Simon Mokster Ink PSV Deal

Further to the press release on 23 April 2013 entitled “VARD signs Letter of Intent for one Platform Supply Vessel with Simon Møkster Shipping”, Vard Holdings Limited has now entered into a contract with Simon Møkster Rederi for the design and construction of the Platform Supply Vessel (PSV).

The vessel, of VARD’s own PSV 06 LNG design, is scheduled for delivery in 1Q 2015 from Vard Aukra in Norway. The hull will be delivered from VARD in Romania.

The PSV 06 LNG is a new innovative design developed by Vard Design. The vessel will be a Clean Design environmentally friendly dual – fuel LNG / diesel – electric ship with focus on low fuel consumption and low emissions of greenhouse gases. The vessel will be approximately 94 meters long and 20 meters wide, and is designed to meet the requirements for support to the Goliat oil and gas field in the Barents Sea.

In addition to regular PSV duties, the vessel is equipped for emergency operations like rescue, emergency towing, firefighting and oil recovery. At the stern of the vessel, a hangar will be fitted to accommodate an emergency towing winch, NOFO oil recovery equipment and a slipway for launch and recovery of rescue crafts.

Simon Møkster Shipping operates a large fleet of ships from its main office in Stavanger, Norway, and VARD has built several of these vessels in the past.

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Press Release, May 14, 2013