Farstad Shipping ASA - Proposals for the Extraordinary General Meeting 3 March 2017

Further to the Notice of Extraordinary General Meeting of Farstad Shipping ASA to be held in Aalesund at 11:00 hrs on 3 March 2017, the Board of Directors proposes that the general meeting pass the resolutions set out below on item 11 and 12 of the agenda:

Item 11:               Election of new board

If the general meeting approves the Board of Directors proposed resolutions on items 4, 5, 6, 7, 9 and 10, the shareholder structure of Farstad Shipping ASA will change materially, and the present Board of Directors will resign immediately following the general meeting. In such an event, the Board of Directors propose that the following be appointed to the board (effective from the time of the general meeting):

  1. Sverre Andreas Farstad, Chairman
  2. Audun Stensvold, Board member
  3. Merete Haugli, Board member

Further details on Audun Stensvold and Merete Haugli will be provided at the general meeting.


Item 12:               Remuneration to the resigned board

The Board of Directors proposes that the general meeting resolves the following remuneration for the members of the Board of Directors for 2016 and year to date 2017:

Remuneration for 2016
1. The Chairman: NOK 798 300
2. The Board Members: NOK 299 100
3. The resigned Board Member: NOK 242 100

The suggested remuneration equals the remuneration for 2015, plus NOK 57 000 to each of the ordinary Board Members for their participation in extraordinary board meetings in connection with the company's restructuring (19 meetings of NOK 3000 each).

In addition comes remuneration for the Board Members' participation in the compensation committee and the audit committee of the company in 2016 of NOK 20 000 and NOK 50 000 per member.

Remuneration for year to date 2017
1. The Chairman: NOK 133 050
2. The Board Members: NOK   40   350

In addition comes remuneration for the Board Members' participation in the compensation committee and the audit committee of the company year to date 2017 of NOK 3 333 and NOK 8 333 per member.

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