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VARD Marine Design Selected For US Coast Guard Offshore Patrol Cutter

Norwegian VARD Marine Design Selected For US Coast Guard Offshore Patrol Cutter

Heading Singapore, 19 September 2016 – Vard Holdings Limited ("VARD"), one of the major global designers and shipbuilders of specialized vessels, is pleased to announce that a design developed by its subsidiary Vard Marine has been selected for the US Coast Guard's new Offshore Patrol Cutter (OPC) program. 

VARD congratulates Eastern Shipbuilding Group and its team partners on being selected for the detailed design and construction phase for the US Coast Guard's Offshore Patrol Cutter (OPC) program. Winning the OPC detail design and construction contract is the culmination of an excellent relationship between Eastern Shipbuilding and Vard Marine that spans more than 15 years. 

Drawing from Vard Marine's extensive experience working with international navies and coast guards, the OPC design will use proven methods to meet or exceed reliability requirements, while employing new technologies and innovative solutions to address the Coast Guard's stringent and demanding mission objectives. 

Vard Marine President and CEO Dave McMillan commented, "We look forward to completing detailed development of the VARD 7 110 design that formed the basis for our successful bid and supporting Eastern Shipbuilding Group in constructing high-quality vessels for the US Coast Guard." 

Based in Canada and the US, Vard Marine offers ship design, engineering, and shipbuilding technology services to the marine community in North America and to selected international markets.

About VARD 

Vard Holdings Limited ("VARD"), together with its subsidiaries (the "Group"), is one of the major global designers and shipbuilders of specialized vessels. Headquartered in Norway and with approx. 10,000 employees, VARD operates nine strategically located shipbuilding facilities, including five in Norway, two in Romania, one in Brazil and one in Vietnam. Through its specialized subsidiaries, VARD develops power and automation systems, deck handling equipment, and vessel accommodation solutions, and provides design and engineering services to the global maritime industry. VARD's long shipbuilding traditions, cutting-edge innovation and technology coupled with its global operations ensure access to the fastest growing oil exploration markets. The Group's expertise and track record in constructing complex and highly customized offshore and specialized vessels have earned it recognition from industry players and enabled it to build strong relationships with its customers. VARD was listed on the Main Board of the Singapore Exchange on 12 November 2010. Majority shareholder Fincantieri Oil & Gas S.p.A., a wholly owned subsidiary of FINCANTIERI S.p.A., owns 55.63% in the Group. Headquartered in Trieste, Italy, FINCANTIERI is one of the world's largest shipbuilding groups and has, over its 200 years of maritime history, built more than 7,000 vessels. 

Congratulations from #ShapingtheOdds!

Below is the full press release.

File Name: PRESS-RELEASE---VARD-Marine-Design-Selected-For-US-Coast-Guard-Offshore-Patrol-Cutter.pdf
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