Farstad Shipping ASA – Charter Agreements
Farstad Shipping ASA has been awarded the following charter contracts:
The AHTS Far Sigma (2014, UT 731 CD, 24,371 BHP) has been awarded a 1 well contract by Lundin Norway AS to support their drilling program with Island Innovator on the Norwegian Continental Shelf. Commencement will take place end of February 2017.
Fairfield Betula Limited has awarded the PSV Far Symphony (2003, P 105, 4,929 DWT) a 12 months contract to support their operation on the UK shelf. Commencement will take place during April 2017. Fairfield has the option to extend the contract with additional 6 months.
The PSV Far Server (2010, Havyard 832 CD, 4,000 DWT) and the PSV Far Serenade (2009, UT 751 CD, 5,944 DWT) have both been awarded a 3,5 months contract (including mobilization) by an international operator to support a field development project offshore Egypt. Commencement will take place end of February 2017. The contracts can be extended with another 30 days. Both vessels have been taken out of lay-up and are mobilized for the contract.
The PSV Far Spica (2013, PSV 08 CD, 4,000 DWT) has received an extension of 4 months by the charterer where she has been employed since August 2015. The extension will commence in direct continuation of current contract as from 1 March 2017. Charterer has additional 3 months options thereafter.
Petro Services, with end client Total, has awarded the PSV Far Starling (2013, PSV 08 CD, 4,000 DWT) a 1 month contract to support a “ready for operation” campaign in Congo. Petro Services has the option to extend the contract to complete the campaign. Commencement will take place end of February 2017.
The commercial terms of the agreements will be kept private and confidential between the parties.
- The above contracts show Farstad Shipping’s ability to efficiently and safely return vessels from lay-up and put them into operation. I am satisfied to see that the Farstad organization, both on- and offshore, has the ability to adapt to a challenging market and that our strategy to retain core competency in the company through the downturn pays off, says Karl-Johan Bakken, CEO of Farstad Shipping ASA.
- Furthermore, I am glad to see that our modern and well maintained PSV fleet continues to be our international client’s preferred choice. This proves that Farstad Shipping is well suited to provide first class services within our segments in all operational regions of the offshore market, Mr. Bakken concludes.
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.