Vard : Delivers First Vessel From New Shipyard In Brazil

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For Immediate Release

VARD DELIVERS FIRST VESSEL FROM NEW SHIPYARD IN BRAZIL

Singapore, 11 January 2016 - Vard Holdings Limited ("VARD"), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that the first vessel was delivered from the Group's newest shipyard, Vard Promar in Brazil, on 8 January 2016.

The vessel, a 7,000 m3 fully pressurized Liquefied Petroleum Gas (LPG) carrier, is the second in a series to be delivered to Petrobras Transporte S.A. (Transpetro), and the first to be built entirely at and delivered from Vard Promar. The delivery marks an important milestone in the development of the new shipyard, and for VARD's operations in Brazil.

As at 31 December 2015, VARD had 29 vessels in its order book, eight of which for delivery from the Group's two shipyards in Brazil.

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Barbosa Lima Sobrinho | 7,000 m3 Fully Pressurized LPG Carrier

Registered address:

Vard Holdings Limited

Six Battery Road #10-01, Singapore 049909

Company Reg. Number: 201012504K Visiting address:

Vard Holdings Limited

c/o Vard Group AS, Skansekaia 2, NO-6002 Ålesund, Norway

For further information please contact:

VARD Holger Dilling EVP Investor Relations Mobile: [phone] [e-mail]	Hege Anita Akselvoll SVP Corporate Communications Mobile: [phone] [e-mail]
NEWGATE COMMUNICATIONS Jonathan Theo Mobile: [phone] [e-mail]	Clarence Koh Mobile: [phone] [e-mail]

About VARD

Vard Holdings Limited ("VARD"), together with its subsidiaries (the "Group"), is one of the major global designers and shipbuilders of offshore and specialized vessels used in the offshore oil and gas exploration and production and oil services industries. Headquartered in Norway and with 11,000 employees, VARD operates ten strategically located shipbuilding facilities, including five in Norway, two in Romania, two in Brazil and one in Vietnam. Through its specialized subsidiaries, VARD develops power and automation systems, deck handling equipment, and vessel accommodation solutions, and provides design and engineering services to the global maritime industry.

VARD's long shipbuilding traditions, cutting-edge innovation and technology coupled with its global operations ensure access to the fastest growing oil exploration markets. The Group's expertise and track record in constructing complex and highly customized offshore and specialized vessels have earned it recognition from industry players and enabled it to build strong relationships with its customers.

VARD was listed on the Main Board of the Singapore Exchange on 12 November 2010. Majority shareholder Fincantieri Oil & Gas S.p.A., a wholly owned subsidiary of FINCANTIERI S.p.A., owns 55.63% in the Group. Headquartered in Trieste, Italy, FINCANTIERI is one of the world's largest shipbuilding groups and has, over its 200 years of maritime history, built more than 7,000 vessels.

www.vard.com