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Vard signs LOI with Viking

Monday, 09 Apr 2018

Norwegian group Vard Holdings said it has signed a letter of intent (LOI) for the design and construction of two cruise vessels with Swiss-based cruise line Viking.

The potential contract value for two vessels is expected to be around 460 million euros, said Vard, part of Italy’s Fincantieri group. The letter of intent also includes an option for two more vessels. The parties said they have a common intention to enter into final contract by mid-2018. The vessels are to be developed by Vard Design in Norway, in close cooperation with the customer. High demand for the most environmentally friendly and safe cruise ship operations is a key factor 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 is scheduled from Vard in Norway in the second quarter of 2021 and the second quarter of 2022. The hulls will be built by Vard in Romania. Viking was founded in Switzerland in 1997 and Norwegian businessman Mr Torstein Hagen is chairman. The company currently operates a fleet of more than 60 vessels. It is a leading river cruise line, and with the launch of its new ocean fleet, the company aims to also become a leader in small ship ocean cruising.

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