Farstad Shipping ASA – Company Update

Farstad Shipping ASA is pleased to announce that in support of the Company's continued restructuring efforts, the secured lenders of the Farstad Shipping group who are affected by the group's decision to stop service of financial debt (as set out in the Company Update of 20 December 2016), have agreed to a formal stand-still, involving a deferral of all amortisations and interest throughout January 2017.

No further comments will be given at this stage.


CEO Karl-Johan Bakken, tel. +47 901 05 697

CFO Olav Haugland, tel. +47 915 41 809

Farstad Shipping’s fleet currently consists of 55 vessels (27 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 1,725 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.