Vard

Vard: Vard announced a third contract win for the week, with the latest order for two platform supply vessels (PSV) for a new client, Mermaid Marine Australia. Maybank-KE estimates each PSV to be worth NOK300m, raising Vard's year-to-date orders secured to NOK5.2b, making up 41% of the broker's FY14 expectation. The vessels will be scheduled for delivery from its Vietnam yard in 4Q15 and 1Q16, which has been facing sub-optimal utilisation. Maybank-KE remains positive that Vard would see a strong turnaround from FY14E, underpinned by its strong order book.