– Vard Holdings Limited ("VARD" or the "Company"), one of the major global designers and shipbuilders of specialized vessels, is pleased to announce that it has secured a contract for the construction of one fishing vessel for Remøybuen AS ("Remøybuen") in Norway. The contract value is approximately NOK 60 million.

Classified for deep sea fishing, the new fishing vessel is a combined long liner and Danish seiner, and can accommodate a crew of 11 persons on board. The vessel will feature the first-of-its-kind electric-driven seine drums developed by Seaonics, which will deliver a winch package of two seine drums, two net drums and one cod end winch.

The fishing vessel is specially developed for Remøybuen, and designed by the customer in close relationship with West Maritime in Fosnavåg, Norway. It has a length of 28 meters and a beam of 9.5 meters. Delivery of the vessel is scheduled from Vard Aukra in Norway in 2Q 2019.


In the back row from the left  Dag Remøy, Vegard Kvalsvik, Helge Kvalsvik, Geir Larsen. In front Hans Remøy, Kjell Arild Skar.

Mr. Roy Reite, CEO and Executive Director of VARD, commented: «It is impressive to see Vard Aukra’s contribution to the growing fisheries and aquaculture market. We have a long and proud history within fisheries and other specialized vessels, and the Aukra yard has taken the lead in developing the group’s initiatives in this exciting market. We are honoured to have been chosen by Remøybuen, and it is a pleasure to welcome their owners and crew to VARD.»

Remøybuen AS is located in Fosnavåg in Norway.

The contract has been entered into in the ordinary course of business of the Company. It is not expected to have any material impact on the earnings per share or the net tangible assets per share of the Company for the current financial year. None of the Directors or the controlling shareholders of the Company have any interest, direct or indirect, in the above contract.