Farstad Shipping ASA – Charter Agreements

Farstad Shipping ASA has been awarded the following charter contracts:

BG Tanzania has awarded contracts to the PSV Far Skimmer (2012, PSV 08 CD, 4,000 DWT), PSV Far Starling (2013, PSV 08 CD, 4,000 DWT) and PSV Far Sitella (2013, PSV 08 CD, 4,000 DWT) to support their drilling operations off the coast of Tanzania. Commencement of the contracts is expected to take place in October 2016. The duration of the contracts is one well firm with additional four wells options.

An international oil company has extended the PSV Far Spica (2013, PSV 08 CD, 4,000 DWT) until 1 March 2017 with additional seven months options. In addition the PSV Far Scotsman (2012, PSV 08 CD, 4,000 DWT) has been awarded a firm period until 1 March 2017 to the same client. Commencement of both contracts is expected to take place in October 2016.

The commercial terms of the agreements will be kept private and confidential between the parties.

- The above contracts show the attractiveness of our PSV 08 series for both exploration and production support in various geographical areas, and we appreciate the confidence shown by our clients to Farstad Shipping in the prevailing challenging market conditions, says Karl-Johan Bakken, CEO of Farstad Shipping ASA.

Contacts:

CEO Karl-Johan Bakken - tel. +47 901 05 697

CFO Olav Haugland - tel. +47 915 41 809

Farstad Shipping’s fleet currently consists of 57 vessels (29 AHTS, 22 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. The company’s operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1,780 employees engaged onshore and offshore. The company’s strategy is to be a leading quality provider of large, modern offshore service vessels to the oil industry.

www.farstad.com 

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