Far - Charter Agreements
Farstad Shipping through its wholly owned subsidiary Farstad Supply AS, has been awarded charter contracts for the VS 483 Far Supplier and UT 705L Far Superior for two years with three one year options for each of the vessels. The contracts are for Team Marine in Aberdeen who represent a consortium of ChevronTexaco, ConocoPhillips, Encana and Britannia Operating Company. The new contracts will start in January 2005. Both vessels are platform supply vessels - Far Supplier was built in 1999 and Far Superior in 1990. Total value for the firm period is approx NOK 115 million.
In addition, Farstad Shipping has been awarded a Letter of Intent from Saipem UK Ltd for the UT 741 Far Sovereign for a further 2 year period with a one year option. This contract period will give the charterers the option to utilise the vessel from periods of 150 - 365 days depending upon their activity with days rates adjusted accordingly.
Karl-Johan BakkenTorstein L. Stavseng