Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, reached an agreement with Ocean Yield of a sale and leaseback of two AHTS. The vessels, both UT 731 CD design, are under construction at Vard Langsten in Tomrefjord (previously STX OSV Langsten) for delivery ultimo March and May 2013 respectively.
The UT 731 CD vessels are designed to work in extreme environmental conditions and carry out operations in water as deep as 3,000 metres.
The agreement with Ocean Yield implies an immediate sale of the vessels from Farstad Supply AS to Ocean Yield upon delivery of the vessels from the yard. The vessels will then be leased back to Farstad Supply AS on a 12 year bareboat charter. The agreement includes options for Farstad Supply AS to buy back the vessels.
[mappress] Press Release, March 7, 2013