Yara Signs NOK250 Million Deal With Vard to Build Electric Container Vessel

By Dimitrios Kontos

Yara International ASA (YAR.OS) has signed a 250 million Norwegian kroner($29.8 million) deal with Vard Holdings Ltd. (MS7.SG) for the construction of an autonomous and electric container vessel, the company said Wednesday in a joint statement.

The chemical company Yara had previously signed a deal with technology company Kongsberg Automotive ASA (KOA.OS) in 2017 to develop the Yara Birkeland vessel.

Vard, which is headquartered in Norway and listed in Singapore, will deliver Yara Birkeland for launch in the first quarter of 2020 and the vessel will gradually move to fully autonomous operation by 2022, the companies said.

The vessel can replace 40,000 truck journeys a year thereby helping to reduce emissions and improve road safety, Yara and Kongsberg said.

The project has received NOK133.6 million from the Norwegian government enterprise ENOVA.

"This is a good example of how Norwegian industry can collaborate to create new solutions and green jobs," said Norwegian Prime Minister Erna Solberg at the signing of the agreement.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

August 15, 2018 12:40 ET (16:40 GMT)

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