Norway: Farstad Lands Multiple Charter Deals Worth USD 75.8 Million

Farstad Shipping, a major international supplier of large, modern offshore support vessels,  has been awarded the following charter contracts:

AHTS Far Sound (2007, UT 712L, 16.000 BHP), AHTS Far Sword (2006, UT 712L, 16.000 BHP) and AHTS Far Scimitar (2008, UT 712L, 16.000 BHP) have been contracted by Hess to support their drilling program in Australia for at least 10 months commencing in May.

In the North Sea PSV Far Service (1995, UT 745, 4.680 DWT) has been awarded a 24 months firm contract by BP commencing in July with 2×6 month options. PSV Far Superior (1990, UT 705L, 3.796 DWT) will act as a frontrunner until Far Service has finished its existing contract during 4th Quarter 2011.

For PSV Far Star (1999, UT 745, 4.403 DWT) Statoil has declared their option to extend the contract for further 12 months.

Total value of the contracts, including options, is approximately NOK 415 mill (USD 75.8 Million).

Farstad Shipping’s fleet currently consists of 58 vessels (32 AHTS, 24 PSV and 2 SUBSEA) and 4 PSV under construction. The company’s operations are run from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro by a total of 1900 employees onshore and offshore.

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Source:Farstad , May 9, 2011;