Vard signs Letter of Intent with Nordic American Offshore

Vard has entered into a Letter of Intent (“LOI”) with Nordic American Offshore Ltd. for the design and construction of two Platform Supply Vessels (“PSV”), and an option for a third vessel.

The vessels are of VARD 1 08 design, developed by Vard Design in Ålesund, Norway. The hulls of the vessels will be built at Vard Braila in Romania. Delivery is scheduled from Vard Aukra in Norway in 2Q and 3Q 2015.

The LOI is valid until the end of 2Q 2014, with the option for the third vessel expiring at end-July 2014.