Farstad Expands Subsea Construction Vessel Fleet with Latest $150M Newbuild Order

STX OSCV 07 design offshore subsea construction vessel.

Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, announced today the signing of a NOK 825 million (USD $150 million) newbuild construction contract with STX OSV AS for an offshore subsea construction vessel.

I spoke with Torstein Stavseng, Chief Financial Officer at Farstad this morning and he comments,

“Farstad has been working in the offshore and subsea sector for quite a while and this newbuilding is a continuation of our growth strategy, particularly in the subsea sector.”

Yesterday, Farstad released their Q4 results which showed a bit lower profits versus 2011, as well as a lower proposed dividend for 2012.  Mr. Stavseng noted, “over the past 5 or 6 years our dividend has been between NOK 3 and NOK 5 per share.  Our lower dividend directly reflects our increased capital investment into fleet expansion and growth of our business.”

About this vessel:

The vessel is a STX OSV OSCV 07 design (Offshore Subsea Construction Vessel), and is designed for subsea and IMR operations (Inspection, Maintenance and Repair). The vessel has a total length of 143 meters, beam of 25 meters and a deck area of more than 1,800 m². The vessel is equipped with two offshore cranes, of which the larger one has a lifting capacity of 250 tons. Furthermore the vessel is arranged for 3 ROV (Remote Operating Vehicles) and has an accommodation arranged for 130 persons.

The steel hull of the vessel will be built by STX OSV yard in Tulcea, Romania and outfitting will take place at STX OSV yard in Tomrefjord (Langsten).  Delivery is expected in the 1^st quarter of 2015.

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