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Saturday, September 21, 2019

Farstad Shipping News

Far Shogun. Photo:  SolstadFarstad ASA

Solstad Farstad Sells 2010-Built AHTS

Solstad Farstad, which claimed to be the world’s largest OSV firm, has sold a relatively new AHTS vessel Far Shogun, since its formation last month following the mega-merger of three leading OSV companies in Norway. The 2010-built, 23,664-bhp Far Shogun has been delivered to the unnamed new owner on Thursday, Solstad Farstad announced. "Wholly owned subsidiary Farstad Supply AS has sold the AHTS Far Shogun to an undisclosed buyer for an undisclosed price. The delivery of the anchor handling tug and supply vessel Far Shogun to the new owner took place on Thursday, July 13," said the company.

Photo: Solstad Offshore ASA

Norway's Solstad Offshore, Farstad Shipping and Deep Sea Supply Agree Merger

Norwegian OSV companies Solstad Offshore, Farstad Shipping and Deep Sea Supply have signed off on merger plans first announced on February 6, 2017. The statutory merger plans have been approved and signed by the boards of Solstad, Farstad, DESSC and Solstad’s relevant subsidiaries, into which Farstad and DESSC will be merged. Deep Sea Supply and Farstad Shipping will merge into and be established as individual subsidiaries under Solstad Offshore, with shareholders of Deep Sea Supply and Farstad Shipping receiving shares in Solstad Offshore as consideration.

Photo Credit: Farstad Shipping

Trim Optimization – Saving Fuel on Offshore Supply Vessels

A joint development project (JDP) between DNV GL, Statoil and Farstad Shipping has demonstrated that offshore supply vessels (OSV) can save up to 21,000 Euros on their annual fuel bill, by running the vessel at optimal trim. The project partners carried out a comparative study in the North Sea to document potential energy savings created by using DNV GL’s trim optimization tool ECO Assistant on a platform supply vessel (PSV). “Even if our modern PSVs are highly fuel efficient due to advanced hull designs as well as innovative engine- and propeller configurations…

(Image: Optimarin)

Optimarin Reports Surge in BWTS Orders

With its latest succession of contracts won, ballast water treatment (BWT) specialist Optimarin reports it has now sold more than 400 of its environmentally friendly UV-based systems. Optimarin said 2016 has been a boom year for a company that installed the first ever commercial BWT system back in 2000. Optimarin Ballast System (OBS) orders have been confirmed with Atlantis Tankers (10 units) and Sinopacific Shipbuilding Group (nine), while the firm also made its first foray into fishing, with a contract for the Fisherman’s Finest vessel America’s Finest.

BOS Turquesa. Photo by Farstad Shipping ASA

Farstad Bags Petrobras Contract

Norwegian provider of offshore service vessels for the oil and gas industry Farstad Shipping ASA has entered into two charter contracts in Brazil. Both vessels were hired by the Brazilian state-owned oil and gas company Petróleo Brasileiro, more commonly known as Petrobras. Petrobras has awarded the PSV Far Strider (1999, VS 483, 4,709 DWT) a 4 year contract with expected commencement in April 2016. Petrobras has also awarded the AHTS BOS Turquesa (2007, UT 722 L, 18,088 BHP) a 1 year contract with a further 1 year option. The vessel has commenced the contract.

Subsea vessel Far Sentinel. Photo: Farstad Shipping

Farstad Shipping Dives into Loss

Norway’s Farstad Shipping ASA has seen red in the second quarter of 2015 as impairments and currency losses drove the company into a loss. Farstad’s profit after taxes (PAT) was negative NOK 119.5 million, versus positive PAT of NOK 46.7 million a year earlier. Furthermore, first-half (1H 2015) profit after taxes was negative NOK 423.8 million, compared to positive PAT of NOK 126.2 million in 1H 2014. The operating income at 30.06.15 was NOK 2,101.9 million. The operating profit (EBIT) was NOK 94.6 million. The profit after taxes was negative NOK 423.8 million.

Photo courtesy of Maritime Partner

Maritime Partner Reaches Vessel Landmark

Norway's Maritime Partner is set to reach a landmark in its history as it completes the construction of its 2000th vessel since founding in 1994. Maritime Partner CEO Peder Myklebust said the Aalesund based company is ‘immensely proud’ that its 2000th boat will be delivered to its long standing client and fellow Norwegian company the shipbuilder Kleven. The 2000th boat is part an order Kleven placed in December 2014 for six Seabear 23 MkIIIs and six Macgregor AC38 davits. The…

VARD 3 17 design, with a total length of 98 metres and a beam of 21.5 metres, and features a 150 tone active heave compensated offshore crane

Vard Wins Farstad's OSCV Contract

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

Norwegian Shipowners’ Association Seeks Nominations for Heyerdahl Award

The semiannual Thor Heyerdahl International Maritime Environmental Award was launched in 1999 by Thor Heyerdahl (1914-2002) and the Norwegian Shipowners’ Association to recognizes candidates from the shipping industry that have made an outstanding contribution for the environment. To qualify for the award, candidates must have demonstrated exceptional technical innovation and environmental work in correspondence with Thor Heyerdahl’s spirit for the conservation of the marine environment. Emphasis will be placed on measures that combine environmental benefits with improved profitability.

LNG Bunkering Found Feasible in Australian Ports

A DNV-led Joint Industry Project (JIP) concludes attractive payback periods on the required investment are likely. Attractive payback periods from the additional investments required for LNG fuelled shipping, along with no significant legal restrictions hindering development of LNG bunkering in Australia. This is the conclusion of a Joint Industry Project (JIP) focusing on LNG fuelled tugs and OSVs, managed by DNV with nine partners in Australia. The use of Liquid Natural Gas…

A Farstad Vessel on Duty: Photo credit Farstad

Farstad Orders New OSCV

Farstad Shipping ASA subsidiary, Farstad Supply AS, contracts with STX OSV AS for an Offshore Subsea Construction Vessel (OSCV). This new building is part of Farstad Shipping's expansion into the subsea market and represents an investment of approx NOK 825 mill. Delivery of the vessel is due to take place in the first quarter of 2015. The vessel is a STX OSV OSCV 07 design OSCV  and is designed for subsea and IMR operations (Inspection, Maintenance and Repair). The vessel has a total length of 143 meters, beam of 25 meters and a deck area of more than 1,800 m².

Farstad PSV's: Image credit Farstad Shipping

Vietnam Shipyard Delivers Farstad PSV

Vung Tau Shipyard in Vietnam delivers Platform Support Vessel (PSV) to Farstad Shipping Singapore subsidiary. Far Sitella, a STX PSV08 CD offshore vessel, is bound for Australia where it will commence its long term commitment to Shell Australia related to their Prelude drilling campaign. A long-term facility has been drawn with Nordea Bank to finance the vessel. Farstad Shipping's fleet currently consists of 57 vessels (28 AHTS, 26 PSV and 3 SUBSEA) and 3 PSV and 4 AHTS under construction.

Farstad OSV: Image credit Farstad Shipping

Offshore Vessel Charters for Farstad

Farstad Shipping ASA has been awarded charter contracts with a value of about US$ 58-million. Statoil has awarded contracts to PSV Far Spica (2013, PSV 08 CD, 4,000 DWT) and PSV Far Scotsman (2012, PSV 08 CD, 4,000 DWT) to support the Statoil drilling campaign on the coast of East Africa. Commencement is expected to take place in April 2013. The duration of the contracts will be approx. 9 months, with a further 9 month option. Both vessels will leave the North Sea during the month of March.

A Farstad AHTS: Photo credit Farstad

AHTS Sold by Farstad

Farstad subsidiary, Farstad Shipping, Singapore, sells AHTS 'Lady Cynthia'. The buyers identity is not disclosed, but it is expected the vessel will be deployed in the Indian domestic market. Lady Cynthia was built in 1987 by Hart Fenton with a propulsion power output of 9,500 BHP. Sale of the vessel will give Farstad a booked profit of approx. NOK 3 mill. in the 1st quarter 2013. After the sale of Lady Cynthia Farstad Shipping's fleet consists of 55 vessels (28 AHTS, 24 PSV and 3 SUBSEA) and 5 PSV and 4 AHTS under construction.

Australia LNG Bunkering Project Kicks Off

Det Norske Veritas (DNV) & nine key members of the Australian maritime, port and energy sectors have established the four-month study. The Joint Industry Project (JIP) is to facilitate the adoption of LNG fuelled vessels in Australian waters. The use of LNG as marine fuel eliminates SOx and particulate matter emissions, nets a 15% reduction in GHG emissions and diminishes that of NOx by 85-90%, which addresses both local and global pollution issues. The study aims to cover the infrastructure and regulatory requirements as well as the potential benefits and risks faced by energy majors…

Offshore Norway: Vessel Operators Team to Improve

A year ago Det Norske Veritas invited all offshore shipowners operating in the North Sea Basin to participate in  a joint corporate project focusing on energy efficiency. Seven companies deceided to be part of the project. "This project focuses on operational findings regarding energy efficiency," Knut Ljungberg, Project Manager of this project said. Mr Ljungberg is the Principal Consultant, Environment and Energy Efficiency at Det Norske Veritas in Høvik, Norway. The project is called Energy Efficient Offshore Partners. Phase I which was initiated last fall is about to be concluded.

'Far Skimmer': Image credit Farstad Shipping

Vietnam Shipyard Delivers Farstad OSV

Offshore Service Vessel 'Far Skimmer' delivered from STX OSV Vung Tau in Vietnam to Farstad Shipping Pte. Ltd. in Singapore. Upon arrival in Australia, the vessel will commence its long term commitment to Shell Australia related to their Prelude drilling campaign. A long-term facility has been drawn with Nordea Bank to finance the vessel. Farstad Shipping Pte. Ltd. in Singapore, is a wholly owned subsidiary of Farstad Shipping ASA. Farstad Shipping's fleet currently consists of 55 vessels (29 AHTS, 23 PSV and 3 SUBSEA) and 6 PSV and 4 AHTS under construction.

PSV 'Far Solitaire': Photo credit Rolls-Royce

'Ship of the Year' Award for Rolls-Royce Designed PSV

Rolls-Royce wins a prestigious 'Ship of the Year' industry award for its new wave-piercing ship design for PSV 'Far Solitaire'. The Far Solitaire, a UT 754 WP platform supply vessel for the offshore oil and gas industry, has been named Skipsrevyen 'Ship of the Year' at the SMM marine industry trade show in Hamburg, Germany. Far Solitaire is the third Rolls-Royce designed vessel to win this award in the past five years, and is the first to feature the new Rolls-Royce wave piercing bow…

Rolls-Royce Wins $69m OSV Contract

Rolls-Royce won a $69m order to design and equip two advanced offshore anchor handling vessels for Norwegian ship owner Farstad Shipping. The UT 731 CD vessels are designed and equipped to handle anchors for oil rigs, tow rigs to location and also serve as supply vessels. They can operate in extreme climatic conditions and ultra deep waters, undertaking precise rig manoeuvring operations in water up to 3,000m deep. They are also equipped for sub sea construction and installation duties.

SIS sent Hans-Kristian Fjaerem to set up its permanent office in Brazil.

SIS Sets up Home in Brazil

Star Information Systems (SIS) has established a new base in Rio de Janeiro to serve Brazil’s thriving offshore sector. To support the manuever, SIS sent Hans-Kristian Fjaerem, one of the firm’s most experienced consultants, to lead the operation, recruit a local team, and service SIS’ growing portfolio of customers in the region. The pace of economic change in Brazil – now the sixth largest global economy – has been accelerated by the discovery of huge oil and gas reserves in the country’s pre-salt basin, opening up an array of opportunities for national and international offshore operators.

Farstad Shipping Awarded Charter Contracts

AHTS Far Sound (2007, UT 712L, 16.000 BHP), AHTS Far Sword (2006, UT 712L, 16.000 BHP) and AHTS Far Scimitar (2008, UT 712L, 16.000 BHP) have been contracted by Hess to support their drilling program in Australia for at least 10 months commencing in May. In the North Sea PSV Far Service (1995, UT 745, 4.680 DWT) has been awarded a 24 months firm contract by BP commencing in July with 2x6 month options. PSV Far Superior (1990, UT 705L, 3.796 DWT) will act as a frontrunner until Far Service has finished its existing contract during 4th Quarter 2011.

Nor-Shipping 2009 Defies Economic Downturn

Nor-Shipping 2009 was the largest in the event’s history, dating back to 1967. 1105 exhibitors from 52 countries participated. By comparison, Nor-Shipping 2007, which took place in the midst of a market boom, had 830 exhibitors from 42 countries. The Leading Voices conference that opened Nor-Shipping 2009 on Tuesday, June 9 got the show off to a favorable start. Attended by Norway’s King Harald V, the conference featured leaders of global stature, including IMO Secretary-General Efthimios Mitropoulos, and Richard Fain and Wilh. Wilhelmsen of Royal Caribbean Cruises Ltd.