Vard Holdings

Vard Holdings: Has announced that it has won a contract for the design and construction of a Platform Supply Vessel (PSV) for Carlotta Offshore, a repeat customer. This vessel is a multifunctional PSV of VARD’s internal design, is ~4,000 DWT and will be used for standby, rescue, fire-fighting and oil recovery operations. Delivery of this vessel is scheduled for 2Q15 from VARD’s Vietnam yard. Although the value of the contract was not disclosed, OCBC believe it is worth NOK300m. This is the second announced contract win by VARD within a week, and brings its YTD order wins to ~NOK2. The house maintain its HOLD rating and $0.84 fair value estimate on the stock.