Fincantieri has announced that its subsidiary Vard Holdings Limited (Vard) has signed a letter of intent with an undisclosed international cruise company for the design and construction of two small-sized cruise vessels.

The hulls will be built by Vard’s shipyard in Tulcea, Romania, while the delivery of the units is scheduled, respectively, in Q1 2019 and Q1 2020 from Vard Langsten in Norway.

The parties have a common intention to enter into contracts at the beginning of Q3 2016.

The vessels, for which Fincantieri will be engaged in the supply of some important parts to be built in Italy, are specially designed in cooperation with the customer by Vard Design in Ålesund, Norway, for a high standard of facilities, ice-class and the highest demands for environmentally friendly and safe operations.

They will be 137 meters long, 22 meters wide and approximately 14,500 gross tons, being able to accommodate 240 passengers in 120 cabins.

According to Fincantieri, the letter of intent further supports Vard’s diversification strategy, which already includes the signing of the letter of intent for four small-sized luxury cruise ships for the French ship owner Ponant, a subsidiary of Artemis Group (holding company of the Pinault family).Vard is 55.63% controlled by Fincantieri which fully consolidates its financial results.