VARD Invited to Negotiate for Three Coast Guard Vessels for Norway

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of specialized vessels, is pleased to announce that it has been invited to continue negotiations for the construction of three vessels for the Norwegian Coast Guard.

The Norwegian Government had originally announced plans for the construction of three new Coast Guard vessels in September 2016. Following review of offers from three competing yards, Vard Langsten has now been selected to continue negotiations.

If the negotiations are successful, according to the Government’s timetable, the project shall be tabled for approval by the Norwegian Parliament in 2018. Delivery of the first vessel would be in 2022.

The above-mentioned project 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 and the controlling shareholders of the Company have any interest, direct or indirect, in the project.