AUGUST 21, 2013 —  Vard Holdings Limited has secured a new contract worth about NOK 800 million for the design and construction of an offshore subsea construction vessel (OSCV) for Norway's Farstad Shipping.

The vessel will be of Vard 3 07 design, developed for subsea and IMR (Inspection, Maintenance and Repair) operations. With this newbuilding, Vard now has two of these vessels under contract Farstad Shipping, which ordered the first in February, as a part of the company's fleet development within the subsea market.

The vessel has a total length of 143 meters, beam of 25 meters and a deck area of more than 1,800 sq.m.

It is equipped with two offshore cranes, of which the larger one has a lifting capacity of 250 tons. The vessel is arranged for three ROVs (Remote Operating Vehicles) and can accommodate 130 persons.

Delivery is scheduled from Vard's Langsten, Norway, shipyard in third quarter 2015. The hull will be delivered from Vard's Tulcea, Romania, shipyard.