Offshore and specialised shipbuilder VARD has secured a $300 million to design and construct “module carriers” as the corporate continues to look previous conventional offshore vessels to safe new orders.

The contract was signed with Topaz Energy and Marine and requires 15 vessels for use within the transport of modules alongside shallow inland waterways in Russia to oilfields in Kazakhstan.

The vessels can be 123 meters lengthy by 16.5 meters and designed to hold excessive deck a great deal of as much as 1,800 tons.

Five of the vessels can be constructed at Vard Braila and 4 at Vard Tulcea in Romania, whereas the remaining six can be constructed at Vard Vung Tau in Vietnam.

The vessels can be operated by Topaz by a consortium led by Blue Water Shipping for the end-client Tengizchevroil. Delivery is scheduled between 3Q 2017 and 2Q 2018.

“We are honoured to have been selected by Topaz to develop the tailor-made vessels for this project,” feedback VARD CEO and Executive Director, Roy Reite. “VARD has long history of projects for the Caspian region, with seven vessels specifically developed for shallow-water operations delivered since 2010. Topaz currently operates three vessels built by VARD in the Caspian, and has two light construction vessels for international operations on order from VARD. This project strengthens our relationship with Topaz and our foothold in the region. It also provides significant employment for our Romanian and Vietnam yards for the next two years, at a time when investment in new vessels for the oil and gas sector is limited elsewhere.”

With the weak offshore market, VARD has targeted efforts on strengthening its place in new markets, notably expedition cruise vessels and aquaculture, whereas streamlining its price construction to climate the results of the downturn in oil and gasoline. The firm mentioned Thursday that the corporate was capable of return to revenue in Q1 2016, posting web revenue of NOK 43 million (USD $5.2 million), in comparison with a lack of NOK 226 million in Q1 2015.

“2016 is a year of transformation for VARD, and in the first quarter we delivered a strong start,” mentioned Reite, talking of the corporate’s first quarter outcomes. “We are encouraged by the customer response to our foray into new markets, especially in the expedition cruise and aquaculture segments. With the contract for the design and construction of Module Carrier Vessels for Topaz, we demonstrate that even within the oil and gas sector, there are still attractive opportunities. At the same time, we need to be mindful that our core markets still present formidable challenges, both for our clients and for us. The strong support from our main shareholder, FINCANTIERI, and the increasing cooperation between our companies gives me confidence that we will master these challenges successfully.”