Farstad confirms entry into construction vessel market

News - June 28, 2006

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Farstad has entered the construction market with this UT761CD.

Farstad Shipping ASA in Norway has confirmed that it has signed a long-term service contract with Saipem UK Ltd for a new offshore construction vessel.

The vessel's design was developed in close cooperation between Farstad Shipping ASA, Saipem UK Ltd and Rolls-Royce.

The vessel is designed for the main purpose of plough trenching of pipelines for the offshore oil and gas industry, and is also fully capable of undertaking subsea operations in ultra deep water.

The contract with Saipem is for a minimum of five years firm, and Saipem can elect to increase this firm period to 10 years.

In addition Saipem has options to extend the contract by 5 x 1 year beyond the firm period.

Commencement of the contract is January 2009.

Farstad also confirmed that vessel is of the UT761CD design with a length of 121.5m and breadth of 26.0m, and that the ship's bollard pull will be more than 350 tons continuous.

The vessel is equipped for ploughing in deep water, and will be built according to DNV 'Clean Design' class and will have Ice Class and DP3.

Farstad confirmed that the ship' hull will be built in Romania and outfitted at Aker Yard Langsten in Norway with delivery in December 2008.

The project is the largest in Farstad Shipping's history and the first vessel Farstad has built for this market.


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