A sensitive sounding rocket instrument for moderate (~10-A) resolution far-UV (lambda1160-lambda1750-A) spectrophotometry of faint astronomical objects has been developed. The instrument employs a photon-counting microchannel plate imaging detector and a concave grating spectrograph behind a 40-cm Dall-Kirkham telescope. A unique remote-control pointing system, incorporating an SIT vidicon aspect camera, two star trackers, and a tone-encoded command telemetry link, permits the telescope to be oriented to within 5 arc sec of any target for which suitable guide stars can be found. The design, construction, calibration, and flight performance of the instrument are discussed.