Norwegian shipbuilder and ship designer Vard has signed a Letter of Intent (LOI) for the design and construction of an expedition cruise vessel for an undisclosed international cruise company.

The luxury vessel will be about 145 meters long and 20 meters wide, with accommodation for 220 passengers. The vessel was developed in close cooperation with the unnamed customer, Vard said.

The hull of the vessel will be built by Vard’s shipyard in Tulcea, Romania.

Delivery of the expedition cruise ship is scheduled from one of Vard’s Norwegian yards in 2019.

The contract price is expected to be approximately NOK 1 billion (around USD 118 million).

The parties have a common intention to enter into a firm contract within 1Q 2017, subject to several conditions being met, including satisfactory financing.