Vard Holdings, designer and builder of OSVs, has secured a bareboat charter contract from DOF for the first of two PSVs whose original shipbuilding contracts were terminated earlier this year.

The PSV was delivered from Vard Vung Tau in Vietnam, and bareboat chartered to DOF for an initial duration of four months, with an option to extend by another four months.

DOF will operate the vessel for Chevron in Australia.

In the interim, Vard continues to explore opportunities for a sale of the vessel. The second PSV, whose contract was terminated in March 2015, is still under construction at Vard Vung Tau, with completion expected in the second quarter of 2016.

“Securing this charter in today’s difficult market is proof of the attractiveness of Vard-built vessels for some of the most demanding jobs in the offshore industry,” said Roy Reite, ceo and executive director of Vard.