Vard

Vard: Announced that it has now entered into a contract with Simon Møkster Rederi for the design and construction of 1 Platform Supply Vessel (PSV). The PSV 06 LNG is a new innovative design developed by Vard Design and is scheduled for delivery in 1Q 2015. While no price was given, base on historical contracts, the vessel should cost ard Nok 400-500m. Note that recent order win momentum has been pretty strong, with the latest order bringing Vard's ytd order wins to ~NOK3.0b, with order book at NOK 15.5-16b, underpinning earnings visibility over the next two years. Recall in an interview with The Edge magazine recently, Vard's CEO highlighted that the company continues to enjoy a superior position over its rivals in the sector and gave guidance that it could secure up to NOK12b worth of orders for FY13, exceeding analysts’ expectations of NOK11b