For Immediate Release

RECORD ORDER INTAKE IN 3Q 2013; POSITIVE OUTLOOK FOR NEW ORDER WINS FOR THE REMAINDER OF 2013 AND GOING INTO 2014
Revenue of NOK 2.37 billion and EBITDA of NOK 103 million for 3Q 2013 EBITDA margin, representing EBITDA to total operating revenues, of 4.4% for 3Q 2013; margins still weighed down by Brazil operations Record order intake of NOK 7.95 billion in 3Q 2013 New shipyard in Brazil, Vard Promar, ramping up production; first blocks completed Positive outlook for new order wins for the remainder of 2013 and going into 2014, notwithstanding a highly competitive market

Singapore, 6 November 2013 Vard Holdings Limited (VARD, and together with its subsidiaries, the Group), one of the major global designers and shipbuilders of offshore and specialized vessels, today announced its results for the third quarter of financial year 2013 (3Q 2013) ended 30 September 2013. Financial and operating review VARD generated revenue of NOK 2.37 billion for 3Q 2013, representing a minor decrease from 2.46 billion for the same period in 2012 (3Q 2012). Operating profit for 3Q 2013 was NOK 72 million, down from NOK 301 million in the corresponding period of 2012. EBITDA margin (EBITDA to total operating revenue) for 3Q 2013 stands at 4.4%, down from 13.5% in 3Q 2012. The weaker performance is mainly attributable to Vard Niteri in Brazil still suffering from an overload situation, leading to further delays and cost overruns. However, the Groups margins represent a slight improvement over the previous quarter and the Group returned to a net profit for the period. Operations in the European shipyards and in Vietnam were stable. VARD witnessed the successful deliveries of four projects from the Norwegian yards, including two complex non-offshore related vessels. Workload in Romania is gradually reverting back to normal, while the yard utilization level in Vietnam has improved on the back of winning a new contract. The Groups cash and cash equivalents stood at a healthy NOK 1.8 billion as at 30 September 2013.

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50 Raffles Place, #32-01 Singapore Land Tower, Singapore 048623

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Vard Holdings Limited

c/o Vard Group AS, Molovegen 6, NO-6004 lesund, Norway

Vard Holdings Limited

Mitigating actions in progress at Vard Niteri VARD continued to strengthen the project organization and reorganize production processes at the Niteri shipyard. As implementation is still in progress, results are taking a longer than expected time to show. While Vard Niteri has hit an all time high manning, with approximately 1,250 employees and 750 subcontractors at the yard, access to qualified personnel continues to be a concern. Of the four delayed vessels in the order book in Niteri, the first one has reached about 95 percent completion, and is expected to be ready for sea trials shortly. Key shipyard infrastructure at Vard Promar completed within 3Q 2013 Key shipyard infrastructure for the Groups second yard in Brazil, Vard Promar, was completed in the third quarter. The ramp-up of production capacity at the new yard is underway, and the first blocks have been produced. Recruitment and training to integrate approximately 80 new employees per month into the organization are ongoing, and about 600 staff have been employed so far. Financial performance of the yard for 3Q 2013 is in line with previous estimates. With shipbuilding works in progress at the new yard, VARD has put in place the foundations for sustainable operations and future growth in Brazil. Largest order in Groups history secured in 3Q 2013 In 3Q 2013, VARD secured the largest order in the Groups history, worth a combined NOK 6.5 billion for four Pipe Lay Support Vessels (PLSV). The order not only extends the Groups order book to 2016 2017 in both Europe and Brazil, but also reinforces key client relationships with repeat customers DOF and Technip, and strengthens VARDs leading position in the global Offshore Subsea Construction Vessel (OSCV) market. Following the delivery of four vessels during the quarter, VARDs order book comprised 43 vessels as at 30 September 2013. Total order book value stood at NOK 19.6 billion, the highest since 2009. Positive outlook for new order wins for 2013 2014 VARD holds a positive outlook for new order wins for the remainder of 2013 and going into 2014. Exploration and Production (E&P) spending continues to grow, driving demand especially in the market for subsea support and construction vessels. High growth areas such as the Barents Sea and other challenging environments call for new technology. Notwithstanding a highly competitive environment, VARD is currently seeing high tendering activity and continues to explore opportunities with existing and new clients, both within and outside of its core markets.

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For further information please contact: VARD Holger Dilling EVP Investor Relations Mobile: +47 90 61 92 55 holger.dilling@vard.com KREAB GAVIN ANDERSON Jude Krishnan Mobile: +65 90044693 jkrishnan@kreabgavinanderson.com Jan Ivar Nielsen EVP & CFO Mobile: +47 47 93 83 83 jan.nielsen@vard.com

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 approximately 10,000 employees, VARD operates ten strategically located shipbuilding facilities, including five in Norway, two in Romania, two in Brazil and one in Vietnam. VARDs long shipbuilding traditions, cutting-edge innovation and technology coupled with its global operations ensure access to the fastest growing oil exploration markets. The Groups 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 Cantieri Navali Italiani S.p.A., owns 55.63% in the Group. Headquartered in Trieste, Italy, Fincantieri is one of the worlds largest shipbuilding groups and has, over its 200 years of maritime history, built more than 7,000 vessels. www.vard.com