VARD Bags Deal to Build OSCV for Farstad

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, announced that it has secured a new contract for the design and construction of  one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”).

The value of the contract amounts to approximately NOK 800 million. The vessel will be of VARD 3 07 design, developed for subsea and IMR (Inspection, Maintenance and Repair) operations. With this  newbuilding, VARD has two equal vessels under construction for Farstad Shipping, as a part of Farstad’s fleet development within the subsea market.

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. The vessel is  arranged for three ROVs (Remote Operating Vehicles) and can accommodate 130 persons.

Delivery is scheduled from Vard Langsten in 3Q 2015. The hull will be delivered from Vard Tulcea in Romania.

Farstad Shipping is a leading quality provider of large, modern offs hore service vessels to the oil industry. The company’s fleet currently consists of 59 vessels (30 AHTS, 26 PSVs and 3 subsea vessels) and 6 newbuildings under construction. Farstad’s operations are run from Ålesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro.

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Press Release, August 22, 2013