Norwegian offshore shipbuilder VARD have announced a deal with French luxury cruise company PONANT for the construction of four luxury expedition cruise vessels, scheduled for delivery in 2018 and 2019.

With the new agreement, VARD joins the ranks of a growing number of offshore and specialty shipyards looking to expand into the cruise sector. Orders for the OSV, AHTS and subsea construction market have plummeted worldwide, but the cruise ship orderbook looks as strong as ever. The new line of business could be a lifeline for mid-size shipbuilders like Germany's Nordic Yards, whose facilities in Stralsund, Warnemunde and Wismar were recently bought by the cruise group Genting Hong Kong.