JULY 10, 2013 — Ålesund, Norway, headquartered Volstad Shipping AS has signed a contract with Tersan Shipyard in Turkey covering the building of a Subsea IMR and Construction Vessel. The contract was signed July 4, 2013 and is subject to satisfactory financing.

Skipsteknisk ST-259

The new vessel has main dimensions of 128.5 m x 25 m and is of Skipsteknisk ST-259 design. Estimated delivery time is  fourth quarter 2015.

Total project cost is estimated at approximately NOK 800 million (about $130 million).

Fearnley Offshore Supply AS has facilitated the new contract between the two parties and has also participated in the development of the design. Fearnley will also handle the chartering of the ship.