Vard signs letter of intent with Viking

Vard Holdings has signed a letter of intent for the design and construction of two cruise vessels for Viking, with an option for two more.

The ships, with deliveries scheduled in Norway in Q2 2021 and Q2 2022 respectively, will be the first that Vard – a Fincantieri subsidiary – will build for this shipowner.

The potential contract value for two vessels is expected to be approximately Nkr4.5Bn (US$573M). The parties have a common intention to enter into final contract by mid-2018.

A statement said “The project, totally innovative, will be developed by Vard Design in close co-operation with the customer, according to the highest safety and ... environmental impact standards, drivers which have increasingly greater weight in the cruise sector.”

Fincantieri has received orders for 10 units from Viking since 2012. Four have been delivered, with the remaining ships due by 2023. In March 2017, Fincantieri and Viking reached an agreement for further six ships, with deliveries up to 2027.