UK: Farstad Shipping Ltd. Acquires Seabed Viking PSV

Farstad Shipping Ltd., a wholly owned UK subsidiary of Farstad Shipping, has entered into an agreement to buy the platform supply vessel Seabed Viking.

The vessel is a Havyard 832 CD (4000 DWT) built at Fjellstrand AS and delivered in February 2010. The vessel is a modern and environmentally friendly medium sized PSV suitable for operations both in the North Sea and in international waters.

The vessel is currently on charter to AGR Petroleum Services AS, and will continue on this commitment. The purchase price is approx. NOK 300 mill. and we expect to take delivery of the vessel within end of August.

Farstad Shipping’s fleet currently consists of 58 vessels (32 AHTS, 24 PSV and 2 SUBSEA). The company’s operations are run from Aalesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1860 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.

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Source: Farstad, July 15, 2010