Farstad Orders New OSCV

Press Release February 14, 2013

A Farstad Vessel on Duty: Photo credit Farstad

Farstad Shipping ASA subsidiary, Farstad Supply AS, contracts with STX OSV AS for an Offshore Subsea Construction Vessel (OSCV).

This new building is part of Farstad Shipping's expansion into the subsea market and represents an investment of approx NOK 825 mill. Delivery of the vessel is due to take place in the first quarter of 2015.

The vessel is a STX OSV OSCV 07 design OSCV and is designed for subsea and IMR operations (Inspection, Maintenance and Repair).

The vessel has a total length of 143 meters, beam of 25 meters and a deck area of more than 1,800 m². It is equipped with two offshore cranes, of which the larger one has a lifting capacity of 250 tons. Furthermore the vessel is arranged for 3 ROV (Remote Operating Vehicles) and has an accommodation arranged for 130 persons.

The steel hull of the vessel will be built by STX OSV yard in Tulcea, Romania and outfitting will take place at STX OSV yard in Tomrefjord (Langsten) in Norway.

Farstad Shipping's fleet currently consists of 57 vessels (28 AHTS, 26 PSV and 3 SUBSEA) and 3 PSV, 4 AHTS and 1 SUBSEA under construction. The company's operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2080 employees engaged onshore and offshore.