Search results for: Farstad Shipping

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  • 10 November 2016
    Business & Finance

    Norwegian offshore vessel owner Farstad Shipping has gained a further extension of a standstill and deferral agreement of all financial covenants from its lenders hoping for the company’s financial restructuring.  As a first step of the financial restructuring of the Farstad group, Farstad and its lenders entered into a standstill and deferral agreement at the end of […]

  • 4 November 2016
    Business & Finance

    Norwegian shipowner Farstad Shipping and a company in the Siem Industries group (Siem) have entered into a non-binding letter of intent for the financial restructuring of Farstad Shipping, with Siem or a fund managed by Siem as a key equity investor. To remind, Farstad and a majority of its secured lenders have entered into a standstill […]

  • 24 November 2016
    Business & Finance

    Norwegian shipowner Farstad Shipping has appointed Brett Silich as the new managing director of its Australian organisation. This follows Farstad’s plans to consolidate the Australian offices and locating the head office to Perth. Silich will replace Wayne Aitken, who has headed local Farstad Shipping operations for more than four years. Silich has previously worked in senior positions […]

  • 7 December 2011
    Business & Finance

      The Norwegian Prime Minister, Jens Stoltenberg, will on December 9th open the new Farstad Shipping Offshore Simulation Centre in Perth, Australia. The centre is the world’s largest and most advanced offshore simulation centre for marine operations.  – The opening of Farstad Shipping Offshore Simulation Centre is a milestone to Farstad Shipping. The centre is […]

  • 7 December 2011
    Business & Finance

    December 9th the Norwegian Prime Minister, Jens Stoltenberg, opens the new Farstad Shipping Offshore Simulation Centre in Perth, Australia. The centre is the world’s largest and most advanced offshore simulation centre for marine operations. “The opening of Farstad Shipping Offshore Simulation Centre is a milestone to Farstad Shipping. The centre is not only a major […]

  • 22 April 2015
    Business & Finance

    Finn Amund Norbye has declined the offer to become Chief Commercial Officer (CCO) at Norwegian shipping company Farstad Shipping.  Norbye, the former CEO in Deep Sea Supply, previously accepted an offer from Farstad in February 2015 and he was supposed to start his new position in April 2015. “Farstad Shipping gave me a very exciting […]

  • 18 July 2011
    Business & Finance

      Farstad Shipping ASA has reached an agreement with Petroserv S.A. in Brazil, on certain conditions, to buy Petroserv’s 50% share in BOS Navegação S.A. Farstad Shipping will after the purchase have 100% ownership of BOS. The net purchase price for the 50% share is USD 56.5 million. The acquisition is expected to be consolidated […]

  • 15 January 2016
    Business & Finance

    Norwegian provider of offshore vessels Farstad Shipping has, through subsidiary Farstad Supply, sold the platform supply vessel (PSV) Far Scandia.  Delivery of the vessel to the new owner took place on Friday, January 15, 2016, but the shipping company did not reveal the name of the buyer. According to Farstad, the sale of the vessel will give […]

  • 6 February 2017
    Business & Finance

    A new offshore supply vessel company with a fleet of 154 vessels will be formed in Norway following a combination of three companies, Farstad Shipping, Solstad Offshore and Deep Sea Supply.  According to Farstad’s Oslo Stock Exchange filing on Monday, its stakeholders have agreed a plan for its financial restructuring, which will be followed by work to […]

  • 16 April 2012
    Business & Finance

    Farstad Shipping ASA has, through its wholly owned subsidiaries P/R International Offshore Services ANS and Farstad Shipping Pte. Ltd, reached an agreement to sell the AHTS Lady Gerda (1987, Hart Fenton, 8.700 BHP) and the AHTS Lady Cynthia (1987, Hart Fenton, 9.500 BHP). Delivery of the vessels to the new owner is expected to take […]

  • 5 July 2012
    Business & Finance

    Farstad Shipping ASA has as of June 2012, granted a contract to Aalesund Data AS for the delivery of Itrust Bandwidth Optimizer (IBO) solution onboard its fleet of over 50 ships. Aalesund Data AS has worked closely with Farstad ASA in the process of testing and customization of the IBO solution for Farstad Shipping ASA. […]

  • 7 April 2016
    Business & Finance

    Norwegian shipping company Farstad Shipping has appointed Olav Haugland as a new Chief Financial Officer (CFO) after its current one, Torstein L. Stavseng, has decided to retire after 28 years of service. Olav Haugland‘s appointment is effective from May 1, 2016, while Torstein L. Stavseng will be retiring starting July 1, 2016. Formally, the change of CFO will take […]

  • 22 August 2013
    Business & Finance, Project & Tenders

    Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, announces that it has secured a new contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”). The value of the contract amounts to approximately NOK 800 million. The vessel will […]

  • 5 February 2013
    Business & Finance

    Far Sitella (STX PSV08 CD) has  been delivered today from STX OSV Vung Tau in Vietnam to Farstad Shipping Pte.Ltd in Singapore, a wholly owned subsidiary of Farstad Shipping ASA. Upon arrival in Australia, the vessel will commence its long term commitment to Shell Australia related to their Prelude drilling campaign. A long-term facility has […]

  • 17 September 2012
    Vessels

    Far Skimmer has today been delivered from STX OSV Vung Tau in Vietnam to Farstad Shipping Pte. Ltd. in Singapore, a wholly owned subsidiary of Farstad Shipping ASA. Upon arrival in Australia, the vessel will commence its long term commitment to Shell Australia related to their Prelude drilling campaign. A long-term facility has been drawn […]

  • 27 December 2016
    Business & Finance

    Norwegian offshore vessel owner Farstad Shipping on Tuesday got more time from secured lenders to complete its financial restructuring.  Last Tuesday, December 20 Farstad and a majority of its subsidiaries resolved to stop service of interest and amortizations to its financial creditors in order to preserve the liquidity. A vast majority of the financial creditors, in support […]

  • 2 October 2015

    Farstad Shipping is planning to lay up two PSV and three AHTS vessels in Norway due to an expected further weakening of the offshore market. Consequently, 100 workers, mostly Norwegian nationals, will be laid off. “To lay up vessels and lay off our employees is a painful measure, especially for those of our employees who are personally […]

  • 16 April 2012
    Business & Finance

    Farstad Shipping ASA has, through its wholly owned subsidiaries P/R International Offshore Services ANS and Farstad Shipping Pte. Ltd, reached an agreement to sell the AHTS Lady Gerda (1987, Hart Fenton, 8.700 BHP) and the AHTS Lady Cynthia (1987, Hart Fenton, 9.500 BHP). Delivery of the vessels to the new owner is expected to take […]

  • 10 February 2014
    Business & Finance

    AHTS vessel Far Sigma has been delivered today from Vard Langsten to Farstad Supply AS, a wholly owned subsidiary of Farstad Shipping ASA. The vessel will trade the spot market in the North Sea. The long term finance of the vessel is arranged by Eksportkreditt Norge AS in cooperation with GIEK and Nordea Bank Norge […]

  • 17 September 2012

    Platform supply vessel Far Skimmer was delivered today, September 17th, from STX OSV Vung Tau in Vietnam to Farstad Shipping Pte. Ltd. in Singapore, a wholly owned subsidiary of Farstad Shipping ASA. In November 2010 a contract was signed with STX Europe for the building of a platform supply vessel for delivery in September 2012. […]

  • 5 January 2017

    Norwegian offshore vessel owner Farstad Shipping will have to look elsewhere to find a solution for its debt problems after its rescue deal with Siem came to naught.  Farstad Shipping has for a period of time negotiated with its key creditors to obtain a financial restructuring of the Farstad Shipping group supported by Siem Oil Service Invest, […]

  • 2 December 2016
    Project & Tenders

    Farstad Shipping’s wholly owned subsidiary, Farstad Offshore, has secured a contract from Ocean Farming, a part of SalMar Group, for the complete mooring installation and hook-up of the company’s semi-submersible offshore fish farm. The scope of work involves project management and execution of the offshore operations. The project will utilize AHTS vessels from the Farstad Shipping fleet. Operations are […]