Farstad goes to Vard for subsea/IMR vessel

VARD 3 17 VARD 3 17

DECEMBER 17, 2014 — After being awarded a five year framework agreement by Technip Norge AS, Norway's Farstad Shipping ASA has signed a contract with Vard Holdings Limited covering the design and construction of a subsea/IMR (Inspection, Maintenance and Repair) vessel.

Farstad says the VARD 3 17 design vessel, with a total length of 98 meters and a beam of 21.5 meters, represents a NOK 520 million (about $69 million) investment.

Arranged for two ROVs (Remote Operating Vehicles) and featuring a 150 ton active heave compensated offshore crane, the vessel has been designed by Vard Design in Ålesund, Norway, in close cooperation with Farstad and Technip.  It provides a deck area of approx. 900 sq.m and will have accommodations for 85 persons.

Farstad's five year framework agreement with Technip Norge is for delivery of ROV support operations, light construction work, IMR and other subsea related activities.

Delivery is scheduled from Vard's Vung Tau shipyard 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."

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