Norway: STX OSV to Build Two AHTS Vessels for Farstad

March 30, 2012

STX OSV Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels, announced that it has secured new contracts for the construction of two Multifunctional Deep Water Anchor Handling / Offshore Service vessels for Farstad Shipping. The total value of the contracts amounts to approximately NOK 1.2 billion.

The vessels will be of Rolls Royce’s UT 731 CD design. The overall length of each vessel will be 87.40 meters with a beam of 21 meters. STX OSV has in the past delivered four equivalent vessels to Farstad Shipping, and has two under construction for the same customer prior to the new contracts.

Deliveries are scheduled from STX OSV Langsten in Norway in 1Q 2014. The hulls of the vessels will be delivered from STX OSV Tulcea in Romania.

Farstad Shipping is a major international supplier of large, modern offshore service vessels to the oil industry. Farstad Shipping’s fleet currently consists of 54 vessels (30 AHTS, 21 PSV and 3 SUBSEA) and 6 PSV and 4 AHTS under construction. The company’s operations are run from Ålesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro by a total of approximately 2000 employees onshore and offshore.

1.2 billion Norwegian kroner = 209.8488 million U.S. dollars

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Source: STX OSV, March 30, 2012