"Farncomb" was laid down by Australian Submarine Corporation (ASC) on 3 March 1991. She was named for Rear Admiral Harold Farncomb; the first Australian-trained officer promoted to Captain, and commanding officer of the flagship from 1941 to 1944. Work on the boat was delayed by the need to complete sister boat and class lead to a launchable condition by her set launch date of 28 August 1993. To free up resources at ASC for "Collins", "Farncomb"s bow section was sent to Newcastle for completion.