Farstad orders four PSVs

Farstad Shipping ASA, through its wholly owned subsidiaries in Singapore, Scotland, and Norway, has reached an agreement with STX OSV to build four platform supply vessels (PSV).

Offshore staff

AALESUND, Norway -- Farstad Shipping ASA, through its wholly owned subsidiaries in Singapore, Scotland, and Norway, has reached an agreement with STX OSV to build four platform supply vessels (PSV). There is an option to build three additional vessels. The newbuilds are part of Farstad's fleet renewal and represent an investment of approx. NOK 1.35 billion ($225 million). Delivery of the vessels will take place in 2012 and 2013.

The vessels ordered are of two designs. Three will be of STX PSV 08 CD design. Two will be built by STX in Vietnam and one in Tomrefjord (Langsten). These vessels are built for Farstad Shipping's foreign subsidiaries. PSV 08 CD is a newly developed, medium-size, diesel electric PSV with deck area approx. 800 sq m (8,611 sq ft).

In addition, one large PSV (deck area approx. 1000 sq m, or 10,764 sq ft) of UT 754 WP design is ordered. This is a new concept developed in cooperation between Rolls Royce Marine and Farstad Shipping. Delivery and building of this vessel will be managed by STX yard in Tomrefjord (Langsten).

10/19/2010

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