Farstad Shipping Wins Several Charter Contracts (Norway)

Farstad Shipping has been awarded the following charter contracts:

*Subsea vessel Far Saga (2001, UT 745L, 3.475 DWT) has been awarded a 6 month firm contract by Subsea 7 in Norway. The charter will commence immediately and include an option for further 15 months.

*AHTS Far Sabre (2008, UT 712L, 15.900 BHP) has been awarded a 5 month firm contract by Shell in Brazil. The charter will commence immediately and include an option for Shell for further 3 x 1 month.

*Petrobras has exercised their option to extend the contract for AHTS Far Scout (2001, UT 722L, 18.000 BHP) for further 144 days.

The total value of the contracts, exclusive options, is approximately NOK 105 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. 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 , March 30, 2011;