Singapore-listed Norwegian offshore vessel builder VARD Holdings has won a bareboat charter contract for one of two platform supply vessels that had their original shipbuilding contracts terminated early this year.
The vessels, of VARD 1 08 design, were delivered from Vard Vung Tau in Vietnam and sold to Vard Shipholding Singapore Pte Ltd, a newly established subsidiary of VARD.
Offshore oilfield service provider DOF will operate the vessel for an initial duration of four months, with an option to extend by another four months.
DOF will operate the vessel for Chevron in Australia.
In the interim, VARD continues to explore opportunities to sell the vessels.
The second platform supply vessel whose contract was terminated in March 2015 is still under construction at Vard Vung Tau, with an expected completion date in the second quarter of 2016.
VARD CEO Roy Reite commented, “Securing this charter in today’s difficult market is proof of the attractiveness of VARD-built vessels for some of the most demanding jobs in the offshore industry, and I am confident that successfully operating it in Australia will increase our chances for a sale.”
The collapse in oil prices has slashed demand for offshore support vessels as oil majors curtail exploration activities, resulting in orders being cancelled.