The vessel will be used in offshore construction, inspection and maintenance projects, Vard said in a statement.
The ship will be delivered in the third quarter of 2015. Its hull will be built by shipyard Vard Tulcea and the vessel will be assembled and equipped in Norway.
Vard said last week it signed a $1.1 billion contract to build four vessels to be used in offshore construction projects for Brazilian oil giant Petrobras. The hulls of two of these ships will be built in Tulcea.