Farstad’s subsea newbuild ready for TechnipFMC

Offshore service vessel provider Farstad Shipping has taken delivery of the light construction/inspection, maintenance, and repair (IMR) vessel Far Superior from Vard Group.

Farstad said on Thursday that the vessel of a Vard 3 17 design was delivered on Wednesday, March 8.

The Far Superior was constructed by Vard Vung Tau in Vietnam. Now that the vessel has been delivered, it will begin its long-term framework agreement with TechnipFMC Norge for a firm period of five years.

The agreement can extend for a maximum of five more years through options and it also gives TechnipFMC the right to utilize the vessel up to 320 days per year. The deal is scheduled to start in the first quarter of 2017.

The Far Superior is purpose built for the deal with TechnipFMC to conduct light construction work, IMR, and other subsea related activities in water depths of up to 3,000 meters. The vessel has an overall length of 98.1 meters, a beam of 21.5 meters, and a deck area of 875 square meters.

The vessel is equipped with an AHC offshore crane with lifting capacity of 150 tonnes, two Oceaneering ROVs (Remote Operating Vehicles), and accommodation for 85 people.

The shipping company also said that a NOK 300 million ($35 million) long-term financing deal for the vessel was arranged by Danske Bank as the agent, DNB, GIEK, Sparebanken Møre, and Swedbank with funding provided by Eksportkreditt Norge.