Farstad Shipping ASA – Restructuring plan approved by bondholders in FAR03 and FAR04
Reference is made to Farstad Shipping ASA's stock exchange release of 6 February 2017 regarding its fully funded restructuring plan and the stock exchange release of 16 February 2017 where Farstad summoned bondholders' meetings in the bond issues FAR03 and FAR04 for the approval of the restructuring plan (including the conversion of the bond debt under those bond issues as further described therein).
Quorate bondholders' meetings in each of the bond issues were held today. The proposal set out in the summons letter dated 16 February 2017 (including the restructuring plan and the conversion of the bond debt) received the support from a requisite majority of the bondholders in each of the bond issues and has consequently been duly approved.
For questions relating to the above, please contact:
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.