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Farstad Shipping ASA : Farstad Shipping ASA - Charter Agreements



       Farstad Shipping ASA : Farstad Shipping ASA - Charter Agreements

Farstad Shipping ASA has been awarded the following charter contracts:

Statoil has awarded contracts to PSV Far Spica (2013, PSV 08 CD, 4,000 DWT)
and PSV Far Scotsman (2012, PSV 08 CD, 4,000 DWT) to support the Statoil
drilling campaign on the coast of East Africa. Commencement is expected to
take place in April 2013. The duration of the contracts will be approx. 9
months, with a further 9 month option. Both vessels will leave the North Sea
during the month of March.

Technip UK has awarded PSV Far Star (1999, UT 745, 4,403 DWT) a 60 day
contract with a 30 day option, to support the Technip activities in Brazil.
Far Star has already left the North Sea.

Perenco Petroleo e Gas do Brasil has awarded a 12 month contract with a 6
month option to AHTS Far Sagaris (2009, UT 731 CD, 24,000 BHP) to support the
Ocean Star drilling campaign in Brazil. Commencement of the contract is
expected to take place during 1^st quarter 2013.

Fugro RUE AS in Norway has awarded the IMS vessel Far Saga (2001, UT 745 L) a
6 month contract with options thereafter. Commencement is set to mid-February.
The contract includes ROV support operations and other subsea related
activities in the North Sea.

Petrobras has declared their 292 day option to extend the contract for the
AHTS Far Sea (1991, ME 303 II, 13.200 BHP).

Total value of the contracts, excluding options, is approx. NOK 320 mill.
after deduction of local taxes.

The above contracts give us the opportunity to mobilise three PSV out of the
North Sea. This will have a positive impact on the market balance in the
region. Farstad Shipping has recently also mobilised AHTS Far Sabre from the
North Sea to Australia.

Contacts:
CEO Karl-Johan Bakken - tel. +47 901 05 697
CFO Torstein Stavseng -   tel. +47 911 07 001

Farstad Shipping's fleet currently consists of 55 vessels (28 AHTS, 24 PSV and
3 SUBSEA) and 5 PSV and 4 AHTS under construction. The company's operations
are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and
Rio de Janeiro with a total of 2000 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. The company maintains a
long-term charter profile for the fleet.

www.farstad.com

 

 
 
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Farstad Shipping ASA via Thomson Reuters ONE
HUG#1669861
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