Farstad to Build Four Platform Supply Vessels

Farstad Shipping ASA has, through its wholly owned subsidiaries in Singapore, Scotland and Norway reached an agreement with STX OSV to build 4 platform supply vessels (PSV). There is an option for building of additional 3 vessels. The newbuilds are part of Farstad's fleet renewal and represent an investment of approx. NOK 1.35 billion (excl. options). Delivery of the vessels will take place in 2012 and 2013.

The vessels ordered are of two different designs:

3 of the vessels will be of STX PSV 08 CD design, of which 2 will be built at STX yard in Vietnam and 1 at STX yard in Tomrefjord (Langsten). These vessels are built for Farstad Shipping's foreign subsidiaries. PSV 08 CD is a newly developed, medium sized, diesel electric PSV with deck area approx. 800 m².

In addition 1 large PSV (deck area approx. 1000 m²) of UT 754 WP design is ordered. This is a new PSV concept developed in close cooperation between Rolls Royce Marine and Farstad Shipping. Delivery and building of this vessel will be managed by STX yard in Tomrefjord (Langsten).

Farstad Shipping's fleet currently consists of 58 vessels (32 AHTS, 24 PSV and 2 SUBSEA) and 4 PSV under construction. The company's operations are run from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro by a total of 1820 employees onshore and offshore. The company's strategy is to be a major international supplier of large, modern offshore service vessels to the oil industry.