Farstad Shipping ASA – Standstill Extension
Reference is made to the company update from Farstad Shipping ASA of 4 July 2016.
The parties to the standstill and deferral agreement, entered into on 30 June 2016, have agreed to extend the agreement. Effectively, all amortisations of the Farstad group falling due to the relevant creditors from and including 1 July have been postponed until 10 November 2016, subject to certain conditions to be met during the course of the standstill period.
The extension of the standstill and deferral agreement facilitates and supports the Farstad group's continued constructive dialogue with investors, strategic partners and lenders. In parallel, Farstad continues the work to optimize its operating model, fleet composition and fleet utilization, as well as operating cost improvements.
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 (28 AHTS, 22 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. The company’s operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1,780 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.