Singapore, 5 November 2013 ? Vard Holdings Limited (" VARD" ), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that it has signed a new contract for the construction of a survey vessel for Circle Maritime Invest JSC (CMI). The value is approximately NOK 55 million.

The vessel, to be built at Vard Braila shipyard in Romania, will be delivered in 3Q 2014. Over the past few years, Vard Braila has delivered five icebreaking tugs to CMI. The new vessel, a survey vessel, is especially equipped for survey operations in the Caspian Sea.

CEO and Executive Director, Roy Reite, at VARD says, " We look forward to building yet another vessel to Circle Maritime Invest JSC. This new contract gives evidence of the good relationship we have with our customer in Kazakhstan. Together with CMI, we are excited to follow the development of the offshore activity in the Caspian Sea."

The vessel will have a total length of 46 metres and a beam of 13 metres. It will accommodate 22 persons.

Circle Maritime Invest JSC will through its subsidiary Caspian Offshore Construction operate the new survey vessel in the Caspian Sea. Circle Maritime Invest JSC is a privately-owned marine service company registered in Kazakhstan.

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