Norway: Farstad Shipping Awarded Multiple Contracts Worth Combined NOK 500 M ($78 M)

Farstad Shipping has been awarded the following charter contracts:

AHTS Lady Caroline (2003, UT 712, 13.200 BHP) has been awarded a 12 months contract for Woodside, Australia, commencing in May 2010 with  2 x 1 year options.

Woodside has extended the contract for AHTS Far Strait (2006, UT 712L, 15.900 BHP) for a period of 12 months commencing 20 April 2010 with 2 x 1 year options.

In the North Sea BP has contracted Far Superior (1990, UT 705L, 3796 DWT) to a period of 12 months with 2 x 6 months options. Start-up of the contract is July 2010.

Total value of the contracts incl. options is approximately NOK 500 million.

The company’s fleet consists of 32 AHTS, 23 PSV vessels and 2 subsea vessels. Farstad Shipping has currently no newbuilds.

In May 2010 the company had 19 vessels in the North Sea, 12 in Brazil and 26 in Australia / the Far East.

The contract coverage of the Farstad Fleet is approximately 68% for the remaining part of 2010 and approximately 58% for 2011. These figures include the charterer’s options to extend certain contracts.

[mappress]

Source: Farstad, June 3, 2010;