Farstad Clinches 3 Year Deal from Subtec for Subsea Vessel to Work in GOM

Norway's Farstad Shipping ASA reported Wednesday that it has clinched a three year contract for subsea vessel CSV Far Sentinel to work in the Gulf of Mexico for Subtec S.A. de C.V..

Under the contract, which includes options for up to three years, CSV Far Sentinel will be involved in light construction work, inspection, maintenance and repair (IMR) and other subsea related activities in the Gulf of Mexico.

"This is an important and significant contract for Farstad Shipping. It proves that even in a very challenging market, we are able to conclude long-term contracts for our vessels. This contract secures valuable competence and activity for our employees," CEO Karl-Johan Bakken said in the press release.

Farstad's contract with Subtec will commence in December. The company did not disclose the commercial terms of the deal.

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