Norway: Farstad Shipping Bags Several Contracts

Farstad Shipping ASA announced today that the company has been awarded with new charter contracts.

Statoil has awarded contracts to PSV Far Spica (2013, PSV 08 CD, 4,000 DWT) and PSV Far Scotsman (2012, PSV 08 CD, 4,000 DWT) 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.

Technip UK has awarded PSV Far Star (1999, UT 745, 4,403 DWT) a 60 day contract with a 30 day option, to support the Technip activities in Brazil. Far Star has already left the North Sea.

Perenco Petroleo e Gas do Brasil has awarded a 12 month contract with a 6 month option to AHTS Far Sagaris (2009, UT 731 CD, 24,000 BHP) 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 (2001, UT 745 L) 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.

Petrobras has declared their 292 day option to extend the contract for the AHTS Far Sea (1991, ME 303 II, 13.200 BHP).

Total value of the contracts, excluding options, is approx. NOK 320 mill. 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.

[mappress]
Farstad, January 11, 2013