Farstad Inks Multiple Charter Deals in Brazil and North Sea

Farstad Inks Multiple Charter Deals in Brazil and North Sea

Farstad Shipping, a Norwegian owner of offshore support vessels, has secured multiple charter contracts in Brazil and North Sea region.

The Alesund-based shipping company has informed that Statoil has awarded contracts to PSV Far Spica  and PSV Far Scotsman 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.

Furthermore, Technip UK has awarded PSV Far Star a 60 day contract with a 30 day option, to support the Technip activities in Brazil. Far Star has already left the North Sea.

Also, Perenco Petroleo e Gas do Brasil has awarded a 12 month contract with a 6 month option to AHTS Far Sagaris to support the Ocean Star drilling campaign in Brazil. Commencement of the contract is expected to take place during 1st quarter 2013.

Fugro RUE AS in Norway has awarded the IMS vessel Far Saga 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.

Brazil’s state-controlled oil company Petrobras has declared their 292 day option to extend the contract for the AHTS Far Sea .

Total value of the contracts, excluding options, is approximately USD 58 million 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,” said Farstad in a statement.

January 11, 2013

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