Farstad Shipping ASA – New Chief Financial Officer

Olav Haugland has been appointed new Chief Financial Officer (CFO) of Farstad Shipping after current CFO, Torstein L. Stavseng, has decided an early retirement after 28 years of company service.

- Torstein L. Stavseng has been an important and valuable person to the company for 28 years. Farstad Shipping would like to thank him for his long and dedicated service. We will in the future also make use of Torstein’s expertise and experience, says CEO of Farstad Shipping, Karl-Johan Bakken.

Olav Haugland (50) has extensive experience from both shipping and financial markets, which will be beneficial for Farstad Shipping. He has e.g. work experience from Wilh. Wilhelmsen and has former hold the position as CFO at Hansa Property Group and Kistefos.

- Farstad Shipping has a long history, and is one of the leading supply vessel companies in the industry. I look forward to become part of Farstad Shipping and participate in the further development of the company, says Haugland.

Haugland holds a Master of Science in Economics and Business Administration from the Norwegian School of Economics (NHH) in addition to being educated State Authorized Public Accountant, also from NHH.

CEO Bakken looks forward to seeing Haugland joining Farstad Shipping Executive Management Team.

- I am very pleased that Olav Haugland has accepted the position as CFO. He has broad experience from similar positions in business and industry. We are now preparing Farstad Shipping for the future, and Haugland will be an important contributor to the further development of the company, says Bakken.

Olav Haugland will commence on 1 May 2016, while Torstein L. Stavseng will be retiring as from 1 July 2016. Formally, the change of CFO will take place on 1 June 2016.

For more information, please contact:

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

Chairman Sverre Andreas Farstad – tel. +47 909 79 057

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 2,100 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.