Farstad Shipping ASA – New contract for subsea vessel

Farstad Shipping ASA has been awarded a 3 year contract with further up to 3 years options for CSV Far Sentinel (2015, VARD 3 07, 9.200 DWT) by Subtec S.A. de C.V. for delivery of light construction work, IMR and other subsea related activities in the Gulf of Mexico.

- This is an important and significant contract for Farstad Shipping. It proves that even in a very challenging market, we are able to conclude long-term contracts for our vessels. This contract secures valuable competence and activity for our employees, says CEO Karl-Johan Bakken.

- By this, we have now signed important contracts for both our subsea new buildings delivered in 2015. We hereby confirm Farstad Shipping’s strong position into the subsea market, which is vital for us in the time ahead, Bakken says.

Commencement of the contract will be within December 2015.

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

Contacts:

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

CFO Torstein L. Stavseng – tel. +47 911 07 001

Farstad Shipping’s fleet currently consists of 61 vessels (30 AHTS, 25 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.

www.farstad.com

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