VARD secures contract for one luxury expedition cruise vessel for Hapag-Lloyd Cruises
2018-07-03

We are pleased to announce a new contract for the design and construction of one luxury expedition cruise vessel for German cruise company Hapag-Lloyd Cruises.

The new expedition cruise vessel will join Hapag-Lloyd Cruises HANSEATIC series, together with the two vessels that VARD already has under construction for the Germany-based cruise company. Developed by VARD in close cooperation with Hapag-Lloyd Cruises, the vessels are specially designed for cruises in polar regions in the Arctic and Antarctica, as well as operations in warm water destinations such as the Amazon.

Mr. Roy Reite, CEO and Executive Director of VARD, commented: “It is encouraging to see returning customers such as Hapag-Lloyd Cruises, which bears testament to the quality of our vessels and services. We currently have two vessels under construction to be delivered to Hapag-Lloyd Cruises in 2019, and it is our honour to be awarded with this latest contract for their new luxury expedition cruise vessel.”

The new luxury expedition cruise vessel will be approximately 16,000 gross tons, about 139 meters long and 22 meters wide. The vessel has seven passenger decks, with accommodation for 230 passengers in 120 cabins and suites. Similar to its sister vessels, the new vessel will be equipped with high standard of facilities. The HANSEATIC series features a water sports marina and modern spa and fitness areas.

Delivery of the new vessel is scheduled from Vard Langsten in Norway in 2Q 2021. The hull will be built by VARD in Romania.

Hapag-Lloyd Cruises is a company with a tradition of progress. Owned by TUI Group, the world’s leading integrated tourism business and based in Hamburg, Germany, the company is the German-speaking region’s leading cruise provider in the luxury and expedition segments. 127 years after inventing the very concept of the cruise, Hapag-Lloyd Cruises continues a tradition of innovation in the cruise market, offering passengers outstanding vessels in their class and exciting expedition experiences worldwide. www.hl-cruises.com

The effectiveness of the contract is subject to certain conditions being lifted.

The contract has been entered into in the ordinary course of business of the Company. It is not expected to have any material impact on the earnings per share or the net tangible assets per share of the Company for the current financial year. None of the Directors or the controlling shareholders of the Company have any interest, direct or indirect, in the above contract.

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