Fincantieri, Vard will build 2 further cruise vessels for PONANT

Vard Holdings Limited (“VARD”) - Norwegian subsidiary of Fincantieri active in the design and shipbuilding of specialized vessels - has signed a contract for the design and construction of two additional luxury expedition cruise vessels for French cruise company PONANT, a subsidiary of Artemis Group (holding company of the Pinault family), with deliveries scheduled respectively in 1Q and 2Q 2020.

The vessels will be identical to those ordered in 2016. They will be built by VARD Group’s production network, and will be about 131 meters long, 18 meters wide, and approximately 10,000 gross tons. The new builds will have a cruise speed of 15 knots and accommodate 180 passengers on board (92 cabins with a balcony each).

The ships will be fitted with the very latest environmentally friendly technologies and with high class luxury facilities on board. Due to their small size, they will be able to reach ports and destinations inaccessible to larger vessels. The interior fittings will be designed on a “human scale” with the utmost attention to detail.

The first vessel in the series will be delivered in 2Q 2018, followed by the delivery of the next three vessels in the period from autumn 2018 to summer 2019. In addition, VARD will deliver the first arctic LNG cruise vessel to PONANT in 2021.

Fincantieri has already built four vessels for PONANT, “Le Boréal”, “L’Austral”, “Le Soléal” and “Le Lyrial”, delivered respectively in 2010, 2011, 2013, and 2015.

VARD is 80.64% controlled by Fincantieri, which fully consolidates its financial results.

The Board of Directors of Fincantieri delegated to the Chairman and the Chief Executive Officer the authority to issue non-convertible bonds before year end, subject to market conditions. The proceeds of the issue will be used, as per market practice, to refinance the bonds issued by Fincantieri in 2013 and expiring in November 2018 , as well as for general corporate purposes.