Brazil: Farstad Shipping Awarded 5 Year Charter Contract for Far Scotia PSV

Farstad Shipping has been awarded the following charter contract:

Far Scotia (PSV, 2001, UT 755, 3000 DWT) has been awarded a 5 years firm contract by Petrobras, Brazil as a ROV Support Vessel. There is an option for additional 5 years. The contract has been achieved in cooperation with Fugro Brasil, who will be the ROV service provider.

Expected commencement of the contract is second half of 2011, when the vessel has been upgraded in accordance with the Charter Requirements.

The contract is important for Farstad Shipping’s further development within the Subsea segment and is awarded at satisfactory terms.

The total value of the 5 years firm period is approximately NOK 335 million(Approximately USD $58 Million).

Farstad Shipping’s fleet currently consists of 58 vessels (32 AHTS, 24 PSV and 2 SUBSEA). The company’s operations are run from Aalesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1820 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.

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Source: Farstad Shipping, October  25, 2010;