VARD said its letter of intent to build an expedition ship for an international cruise company had expired, in a prepared statement.

VARD had signed the deal in January with an undisclosed customer, believed to be a current player in the expedition market.

“The Board of Directors of Vard Holdings Limited wishes to announce that the Letter of Intent (“LoI”) for the design and construction of the expedition cruise vessel, has expired without the parties reaching agreement to enter into a firm shipbuilding contract. The expiry of the LoI is not estimated to have any material impact on the financial accounts of the Company,” said VARD, in a statement.