Farstad lands new platform supply vessel deals

  • Business & Finance

Norwegian offshore shipping company Farstad Shipping has been awarded several new charter contracts for its platform supply vessels (PSVs). 

Namely, Farstad informed on Monday that BG Tanzania has awarded contracts to the 2012-built PSV Far Skimmer, the 2013-built PSV Far Starling, and another 2013-built PSV Far Sitella to support the company’s drilling operations off the coast of Tanzania.

According to the shipping company, the contracts are expected to start in October 2016. The duration of the contracts is one well firm with additional four wells options.

Furthermore, an international oil company has extended the contract for the 2013-built PSV Far Spica until March 1, 2017, with additional seven months options.

In addition, the 2012-built PSV Far Scotsman has been awarded a firm period until March 1, 2017, to the same client.

Both contracts are expected to start in October 2016 and the commercial terms of the agreements will be kept private and confidential between the parties, Farstad said.

“The above contracts show the attractiveness of our PSV 08 series for both exploration and production support in various geographical areas, and we appreciate the confidence shown by our clients to Farstad Shipping in the prevailing challenging market conditions,” says Karl-Johan Bakken, CEO of Farstad Shipping.

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