Farstad Shipping ASA – Vessel delivery and long-term financing

Farstad Shipping ASA has Wednesday 8 March taken delivery of the light construction/IMR vessel Far Superior (Vard Design 3 17) from Vard Group AS.

Construction has been conducted by Vard Vung Tau in Vietnam, and the vessel will commence its long-term framework agreement with TechnipFMC Norge AS for a firm period of 5 years and up to 5 years options. Reference is made to press release of 12 December 2014.  

Far Superior is purpose built for TechnipFMC Norge to conduct light construction work, IMR and other subsea related activities to 3,000 meter water depth with an overall length of 98.1 meters, beam of 21.5 meters and deck area of 875 m². The vessel is equipped with an AHC offshore crane with lifting capacity 150 tons, 2 pc Work ROV (Remote Operating Vehicles) from Oceaneering and accommodation for 85 persons.

A NOK 300 million long-term financing of the vessel is arranged by Danske Bank (agent), DNB, GIEK, Sparebanken Møre and Swedbank with funding provided by Eksportkreditt Norge AS.


CEO Karl-Johan Bakken – tel. +47 901 05 697

CFO Olav Haugland – tel. +47 915 41 809

Farstad Shipping’s fleet currently consists of 56 vessels (27 AHTS, 22 PSV and 7 SUBSEA). The company’s operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1,500 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.