Norway: Farstad Shipping Reaches an Agreement to Sell PSV Vessel Lady Christine

Farstad Shipping ASA has, through its wholly owned subsidiary P/R International Offshore Services ANS, reached an agreement to sell the PSV vessel ‘Lady Christine’ (1985, ME 202, 2.368 DWT).

Delivery of the vessel to the new owner is expected to take place in October 2011.

Sale of the vessel will give a booked profit of approx. NOK 11 mill. in the 4th quarter 2011.

After the sale of Lady Christine Farstad Shipping’s fleet consists of 56 vessels (32 AHTS, 22 PSV and 2 SUBSEA) and 6 PSV and 2 AHTS 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.

11 000 000 Norwegian kroner = 2.053623 million U.S. dollars

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Source: Farstad, July 4, 2011.