Vard Holdings has confirmed that the US$70m contract it secured in July is for the construction of three module carrier vessels for Kazmortransflot (KMTF), Kazakhstan's national shipping company.

The 113-metre-long vessels will be deployed in the Caspian Sea and will be operated by KMTF through a consortium led by Blue Water Shipping.

Delivery is scheduled between the third quarter 2017 and the first quarter 2018.

"We are pleased to welcome Kazmortransflot as a new customer to VARD, and look forward to the cooperation in this exciting project. Our shipyard in Braila has unique experience in building vessels for Kazakhstan and the Caspian Sea, and this new contract further underlines our long-term commitment to the region," Roy Reite, Vard's CEO and executive director, said in an exchange filing.