Technip enters five-year deal with Farstad

  • Business & Finance

Farstad Shipping ASA has been awarded a 5-year framework agreement by Technip Norge AS for delivery of ROV support operations, light construction work, IMR and other subsea related activities.

The agreement gives Technip the right to utilize the vessel up to 320 days per year, and to extend the contract with a further up to 5 year period. The framework agreement is scheduled to start in the 1st quarter of 2017.

To fulfill the contractual obligations Farstad Shipping ASA will enter into an agreement to build one subsea/IMR vessel. Farstad says that the vessel has been developed and designed in close cooperation with Technip to support IMR activities with crane capacities up to 150 tons.

Farstad Shipping is in final negotiations with a yard about the shipbuilding contract. However, the company says that the commercial terms of the agreement with Technip will be kept private and confidential between the parties.

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