Vard Holdings kept at 'sell' with price target of 47 cents by RHB

Stock Name: Vard
Company Name: VARD HOLDINGS LIMITED

Research House: RHB

Price Call: SELL

Target Price: 0.47

SINGAPORE (June 10): Vard Holdings has secured its first contract this year for one diving support and construction vessel for Singapore-based Kreuz Subsea.

This 105-men, DP2 class vessel will be of VARD 3 17 design with a total length of 91.2 metres and is scheduled for delivery from Norway in 2Q2017. It has an estimated value of NOK700 million.

The vessel will also have a 100-tonne active heave-compensated offshore crane, a 12-man diving bell system and is prepared for remotely-operated vehicles.