Farstad Strengthens Brazil Position with Acquisition

- Farstad Strengthens Brazil Position with Acquisition

Monday, July 18, 2011
Farstad Shipping

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 in Farstad Shipping's accounts as from 1 July 2011.

BOS was established in June 1999 as a joint venture between Farstad Shipping and Petroserv. Today the company owns 3 AHTS on contracts with Petrobras. In addition BOS operates 10 Farstad vessels in Brazil. BOS' offices in Rio de Janeiro and Macaé employ 35 people onshore and 325 people offshore.

To Farstad Shipping this agreement represents a strengthening of our position in Brazil, a market of considerable growth.

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Farstad Shipping to Build 2 New Vessels

- Farstad Shipping to Build 2 New Vessels

Wednesday, June 22, 2011
Farstad Shipping ASA

Farstad Shipping has 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 87.4 meters and breadth of 21.0 meters. Bollard pull will be approx. 260 tons and installed power is approx. 24 000 BHP. The vessels will be built according to DNV's strictest environmental class - "Clean Design" - and will be arranged for safe and efficient deepwater operations. The newbuilds are of the same design as Langsten has previously delivered four of to Farstad during 2009-2010.

The steel hulls will be built in Romania and outfitting yard will be STX OSV Langsten in Tomrefjord. Delivery of the vessels will be April and June 2013 respectively.

These newbuilds are part of Farstad's fleet renewal and focus on the segment for deepwater activities.

With this latest order Farstad will have 8 vessels under construction at a contract value of NOK 3.2 billion.

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Farstad Shipping Snags 6 Contract Renewals from Woodside

- Farstad Shipping Snags 6 Contract Renewals from Woodside

Friday, June 10, 2011
Farstad Shipping ASA

Farstad Shipping has been awarded the following charter contracts:

AHTS Far Strait, AHTS Lady Caroline, PSV Far Spirit and PSV Lady Grace have all been extended for 365 days while AHTS Far Stream and PSV Far Swan have been extended for 180 days. All vessels are on charter with Woodside in Australia in support of their drilling and/or production operations.

In addition Esso Australia has exercised another 3 month option for PSV Lady Kari-Ann. The vessel will remain supporting Esso's offshore production operations in Bass Strait.

Total value of the contracts is approximately NOK 380 million.

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Farstad Shipping Orders 2 Platform Supply Vessels

- Farstad Shipping Orders 2 Platform Supply Vessels

Friday, May 20, 2011
Farstad Shipping ASA

Farstad Sipping ASA has declared their options for building 2 platform supply vessels (PSV) at STX OSV. One of the vessels will be built at the STX Yard in Vietnam and one at the STX Yard in Tomrefjord, Norway (Langsten).

The newbuilds are part of Farstad Shipping's continuous fleet renewal and represent an investment of approx. NOK 600 mill. Delivery of the vessels will take place during first half of 2013.

The vessels ordered are of the STX PSV 08 CD design, identical to three of the vessels ordered in November 2010. This design is a newly developed, medium sized, diesel electric PSV with a net deck area of approx. 800 m².

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