Vard To Construct Two Cruise Vessels For Viking

Vard announced that they have signed a Letter of Intent (“LOI”) for the design and construction of two cruise vessels for Viking. The potential contract value for two vessels is expected to be approximately NOK 4.5 billion and the LOI also includes an option for two more vessels. The parties have a common intention to enter into final contract by mid-2018.

The vessels are developed by Vard Design in Norway, in close cooperation with the customer. High industry demand for the most environmentally friendly and safe operations is a key driver in the concept development process. Viking will be developing a series of advanced cruise vessels, designed to be among the most environmentally friendly ships.

Delivery of the vessels are scheduled from VARD in Norway, in 2Q 2021 and 2Q 2022 respectively. The hulls will be built by VARD in Romania.

Mr. Roy Reite, CEO and Executive Director of VARD, commented “It is our pleasure to work with Viking to develop a new series of cruise vessels. The company is well known for its expansion in River Cruises and Ocean Cruises, and they are now looking to Norway for the design and construction of its new cruise fleet. We are honoured to be chosen as their partner in this exciting project, and look forward to continuing the excellent cooperation with the Viking team.”

Viking was founded in Switzerland in 1997; Norwegian Torstein Hagen is Chairman. With operational headquarters in Basel, Viking provides destination-focused itineraries designed for experienced travelers whom have an interest in geography, culture and history. The company currently operates a fleet of more than 60 vessels. Through rapid expansion, the company has grown to be the world’s leading river cruise line, and with the launch of its new ocean fleet, the company has also become a leader in small ship ocean cruising.

Press Release: vard.com

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