Vard secures OSCV design & construction contract for Farstad Shipping
Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, has secured a contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”), the Company said in a press release.
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 newbuild 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.
About VARD
Norway based Vard Holdings Limited (“VARD”), together with its subsidiaries (the “Group”), is one of the major global designers and shipbuilders of offshore and specialized vessels used in the offshore oil and gas exploration and production and oil services industries. VARD employs about 11 people and operates ten shipbuilding facilities, including five in Norway, two in Romania, two in Brazil and one in Vietnam. The Group's majority shareholder (55.63%) is Fincantieri Oil & Gas S.p.A., a wholly owned subsidiary of FINCANTIERI S.p.A.
