Farstad Shipping ASA – Restructuring update
Reference is made to the stock exchange communication of Farstad Shipping ASA (the "Company") of 6 February 2017 regarding the Company's agreed restructuring plan.
The Company is pleased to announce that the credit committees of the senior lenders have approved the restructuring plan. Provided that the restructuring plan is approved by bondholder meetings and the general meeting to take place on March 2 and 3, respectively, the restructuring is expected to be completed by the end of March 2017. The contemplated combination of Solstad Offshore, Farstad Shipping and Deep Sea Supply will as previously communicated move forward separately.
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.