Farstad Shipping ASA – Restructuring update, mandatory notifications of trades and disclosures of shareholdings

Reference is made to the stock exchange notice from Farstad Shipping ASA ("Farstad" or the "Company") on 3 March 2017 regarding the completion of the Company's extraordinary general meeting of shareholders (the "Extraordinary General Meeting").

Following the approval by the Extraordinary General Meeting of the NOK 450 million equity issue under item 9 on the agenda, the Company has today received the following subscriptions at a subscription price of NOK 0.35 per share on the terms set forth therein:

a)           From Aker Capital AS ("Aker") for 571,428,571 shares for an amount of NOK 200 million in cash.

b)           From Hemen Holding Limited ("Hemen") for 571,428,571 shares for an amount of NOK 200 million in cash.

c)            From Tyrholm & Farstad Invest AS ("Tyrholm & Farstad Invest") for 142,857,142 shares for an amount of NOK 50 million in cash.

Moreover, following the approval by the Extraordinary General Meeting of the NOK 150 million equity issue under item 7 on the agenda, the Company has today received subscriptions from certain bondholders in the Company's bond issues with ISIN NO 001 0635964 and NO 001 0679871 for a total amount of NOK 150 million on the terms set forth therein.

Completion and delivery of shares to the abovementioned parties are conditional on the simultaneous registration of all share capital increases resolved by the Extraordinary General Meeting in the Norwegian Register of Business Enterprises.

If and when delivery of the shares is completed (and prior to completion of the repair issue announced on 13 February 2017), Aker will hold 571,428,571 shares out of the total 4,720,683,537 shares issued after the completion of the Farstad restructuring. In addition Ocean Yield/F-Shiplease AS will after completion of the Farstad restructuring hold 315,595,760 shares as announced on 6 February 2017. This represents a holding of shares and votes of Farstad of 12.10% for Aker, and a consolidated holding of Aker and Ocean Yield/F-Shiplease AS of 18.79%, of which Ocean Yield/F-Shiplease AS will hold 6.69%.

If and when delivery of the shares is completed (and prior to completion of the repair issue announced on 13 February 2017), Hemen will hold 571,428,571 shares out of the total 4,720,683,537 shares issued after the completion of the Farstad restructuring. This represents a holding of shares and votes of Farstad of 12.10%.

Tyrholm & Farstad Invest AS is fully-owned by Tyrholm & Farstad AS, a company controlled by Mr. Sverre A. Farstad. If and when delivery of the shares is completed (and prior to completion of the repair issue), Tyrholm & Farstad Invest AS will hold 142,857,142 shares out of the new share capital of the Company. In addition, Tyrholm & Farstad AS currently holds 15,796,199 shares in the Company. On a consolidated basis, Mr. Farstad, Tyrholm & Farstad Invest AS, Tyrholm & Farstad AS and certain other close associates of Mr. Farstad will following the Farstad restructuring hold 159,675,341 shares and votes in the Company, which represents a consolidated holding of shares and votes of Farstad of 3.38%.

This notification is made pursuant to Section 4-2 and 4-3 of the Norwegian Securities Trading Act. Mr. Audun Stensvold, investment director of Aker ASA, is a board member of the Company. Mr. Sverre A. Farstad is the chairman of the Company.

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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