Farstad Orders OSCV from STX OSV

February 14, 2013

STX OSV Holdings Limited has secured a new contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping .

This newbuilding, designed for subsea and IMR (Inspection, Maintenance and Repair) operations, is part of Farstad’ Shipping’s fleet development within the subsea market. The value of the contract amounts to approximately NOK 800 million (approximately USD 144 million).

The vessel will be of STX OSV’s OSCV 07 design with a total length of 143 meters, beam of 25 meters and a deck area of more than 1,800 m². It is equipped with two offshore cranes, of which the larger one has a lifting capacity of 250 tons. The vessel is arranged for 3 ROVs (Remote Operating Vehicles) and can accommodate 130 persons. Delivery is scheduled from STX OSV Langsten in 1Q 2015. The hull will be delivered from STX OSV Tulcea in Romania.

STX OSV already has three PSVs and four AHTS under construction for Farstad.

Farstad Shipping today also reported an operating income of NOK 905.8 million for the 4th quarter 2012. The operating profit (EBIT) was NOK 151.9 million. The profit after taxes was NOK 31.3 million.

The operating income at 31.12.12 was NOK 3 703.8 million. The operating profit (EBIT) was NOK 730.3 million. The profit after taxes was NOK 311.8 million.

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February 14, 2013