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Farstad Shipping acquires subsea vessel

By: Lewis Holdsworth 18/12/2014 VARD

General Vessels

Vard Holdings Limited has secured a contract for a design and construction of a single offshore subsea construction vessel for Farstad Shipping, the new addition will boost Farstad's subsea vessel fleet to five.

The vessel will be of VARD 3 17 design, with a total length of 98 meters and a beam of
21.5 meters, and has been developed especially for subsea and IMR operations. It is arranged
for two ROVs (Remote Operating Vehicles) and features a 150 ton active heave compensated
offshore crane.

The vessel was designed by Vard Design in Ålesund, Norway, in close cooperation with Farstad
and Technip. Farstad has been awarded a five year framework agreement by Technip Norge
for delivery of ROV support operations, light construction work, IMR and other subsea related
activities, which will be fulfilled with this new build vessel. Delivery is scheduled from Vard
Vung Tau in Vietnam, in 4Q 2016.

VARD CEO and Executive Director Roy Reite says, " We appreciate the long-term relationship
we have with Farstad, and this cooperation has once again resulted in a new and innovative
project. We would like to congratulate the Farstad team with the five years’ agreement for
this vessel with Technip.”

Farstad Shipping's fleet currently consists of 62 vessels (32 AHTS, 26 PSV and 4 Subsea) and 3
Subsea vessels (including the above) under construction. The company's operations are
managed from Ålesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro
with a total of 2,250 employees engaged onshore and offshore. The company's strategy is to
be a leading quality provider of large, modern offshore service vessels to the oil industry. The
company maintains a long-term charter profile for the fleet.

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Farstad Shipping acquires subsea vessel

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