Farstad Shipping ASA – Company Update

Reference is made to the stock exchange notice from Farstad Shipping ASA (the "Company") earlier today regarding received subscriptions of a total amount of NOK 600 million.

The completion of the restructuring is expected to be on or about 9 March 2017. A separate notice will be sent to the bondholders in the two bond issues ISIN NO 001 0635964 (FAR03) and NO 001 0679871 (FAR04) during the course of today, notifying them that the record date (i.e. conversion of the bond debt to equity) is scheduled to 9 March 2017.

The contemplated combination of Solstad Offshore, Farstad Shipping and Deep Sea Supply will as previously communicated move forward separately.

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 56 vessels (27 AHTS, 22 PSV and 7 SUBSEA). The company’s operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1,500 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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