Search results for: Farstad

541 results

A list of search results

  • 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 […]

  • 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 […]

  • 23 January 2018
    Business & Finance

    Solstad Farstad has announced a change in its board of directors following a resignation of one of its members. 

  • 9 March 2018
    Business & Finance, Equipment

    Tero Marine has secured a contract for delivery of fleet management software to Norwegian shipping company Solstad Farstad.

  • 20 December 2016

    Norwegian offshore vessel owner Farstad Shipping is yet to complete its restructuring. As part of the restructuring efforts the company in November signed a binding term sheet under which Siem Oil Service Invest Limited would provide the company with NOK 1 billion in new equity. However, the struggling shipowner on Tuesday said the term sheet […]

  • 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, […]

  • 22 August 2013
    Business & Finance

    Vard Holdings Limited (VARD), one of the major global designers and shipbuilders of offshore and specialized vessels, announced 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 (approx. USD 131,6 […]

  • 5 January 2017
    Business & Finance

    Farstad Shipping and Siem Oil Service Invest (SOSI) informed that the companies have not succeeded in finding a solution for the restructuring of Farstad which is acceptable to all affected creditors. Farstad has for a period of time negotiated with its key creditors to obtain a financial restructuring of the group supported by SOSI. However, the term sheet between Farstad […]

  • 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 […]

  • 22 August 2013

    Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, announced 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 […]

  • 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 […]

  • 24 November 2016
    Business & Finance

    Farstad and Siem Oilservice Invest Holdings have signed a binding term sheet for a restructuring of Farstad. Namely, Farstad will issue a minimum of 702 000 000 ordinary shares (new shares)  for a total subscription of minimum NOK 1 billion at a price per share of approximately NOK 1.4245. Siem will underwrite NOK 1 billion […]

  • 24 November 2016
    Business & Finance

    Offshore vessel operator Farstad Shipping is pushing forward with its previously announced restructuring plan trying to find a solution for its debt problems with help from Siem Industries.  Farstad, the owner of 55 vessels, has been working on an overall restructuring plan to enhance its financial position to enable long-term operations for the company. Earlier this […]

  • 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 June 2011
    Business & Finance

    Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, reached an agreement with STX OSV AS to build 2 Anchor Handling / Offshore Service vessels (AHTS) of the type UT 731 CD. Contract value is approx. NOK 1.2 billion. The vessels are designed by Rolls Royce Marine with a total length 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 […]

  • 16 January 2017

    Farstad Shipping, a financially troubled offshore vessel owner, has managed to get a standstill and deferral agreement for amortisation and interest owed to lenders. The company’s restructuring deal with Siem recently collapsed, and Farstad on Monday said it would uphold the previously announced suspension of service of financial debt in order to preserve liquidity. Accordingly, […]

  • 13 May 2016
    Business & Finance, Operations & Maintenance

    Weakening of US dollar has helped the Norwegian shipowner Farstad to bounce back to profit during the first quarter of 2016. Farstad’s profit after taxes (PAT) was NOK 94.2 million, versus the loss of NOK 304.2 million a year earlier. To remind, Farstad also recorded net loss of NOK 1.32 billion for the prior quarter on impairments […]

  • 21 June 2019

    Norwegian offshore vessel builder has informed that the Blue King platform supply vessel has been taken over by Sverre Farstad & Co, a new offshore vessel owning company in Norway.

  • 6 February 2017
    Business & Finance, Operations & Maintenance

    Solstad Offshore, Farstad Shipping and Deep Sea Supply will combine to create a new OSV company following completion of the Farstad restructuring, which has been agreed by Aker, Hemen, Ocean Yeild and Farstad’s senior lenders. Deep Sea Supply and Farstad Shipping will merge into and be established as individual subsidiaries under Solstad Offshore, with shareholders of […]

  • 22 March 2013
    Business & Finance

    On March 21, Far Senator (UT 731 CD) was delivered from Vard Langsten to Farstad Supply AS, a wholly owned subsidiary of Farstad Shipping ASA. Farstad Supply AS has sold the vessel to Ocean Yield AS and leased it back on a 12 year bareboat charter. The agreement includes options for Farstad Supply AS to […]