Farstad Shipping announces new charter agreement

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 May 2009

The consortium has contracted the AHTS Far Scimitar (2008, UT712L, 15,600 bhp) and the AHTS Far Fosna (1993, UT722, 14,400 bhp) in support of the semi submersible rig Kan Tan IV. The vessels are expected to depart the North Sea in early June.
Shell Australia has contracted the PSV/ROV Lady Christine (1985, ME303, 2,680 DWT) for approximately four months to support their drilling operations offshore Western Australia.
Petrobras has renewed the contract for the PSV Far Sleipner (1984, ME 202, 3067 DWT) in Brazil for a further 2 years contract.
Petrobras has also declared their options to extend the contracts for the AHTS Far Sailor (1997, UT722, 16820 bhp) and the AHTS Far Senior (1998, UT722L,18000 bhp) for a period of 146 days.
Statoil has declared their option to extend the contract for the PSV Far Star (1999, UT745, 4303 DWT) for a period of 2 years.
The total revenue from these contracts amounts to approximately NOK 450 mill. excluding options.
Contacts: Karl-Johan Bakken, CEO tel.: 47 901 05 697 Torstein L Stavseng, CFO tel.: 47 911 07 001
Farstad Shipping's fleet currently consists of 53 vessels (24 PSV, 28 AHTS and 1 CSV) and 4 AHTS vessels under construction at Norwegian yards. The company's operations are run from Ålesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1600 employees onshore and offshore. The company's strategy is to be a major international supplier of large, modern offshore service vessels to the oil industry. We also remain committed to solid long-term charter profile for the fleet.

Source: Farstad Shipping