DOF to manage ex-Farstad anchor handler

Norwegian offshore vessel provider DOF has entered into an agreement with an unnamed Norwegian company to manage an anchor handler bought from Farstad Shipping. 

Namely, a Norwegian limited company, not owned by DOF, has signed an agreement with Farstad’s UK-based subsidiary, Farstad Supply, regarding purchase of the anchor handling tug supply (AHTS) vessel Far Shogun. Delivery is agreed between June 15 and July 15, 2017.

DOF will enter into a management agreement with the new owner for the management and operation of the vessel. DOF also has an option to buy the vessel at a price corresponding to the outstanding debt or approximately 50-60% of historical build costs.

After the takeover, Far Shogun will be renamed Skandi Bergen.

In a statement, CEO Mons S. Aase said, “This agreement reflects the challenging market conditions, but we see it again as a vote of confidence in our global organization to be asked to manage and operate this vessel.

“Far Shogun is a strategically important vessel to be added to the DOF Group’s fleet. The vessel is already a well reputed vessel in the Asia Pacific region but can also be utilized in the South America or Atlantic regions.”