Farstad Shipping ASA - Charter Agreements

Farstad Shipping ASA has been awarded the following 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 1(st) 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.

Contacts:
CEO Karl-Johan Bakken - tel. [phone]
CFO Torstein Stavseng -   tel. [phone]

Farstad Shipping´s fleet currently consists of 55 vessels (28 AHTS, 24 PSV and
3 SUBSEA) and 5 PSV and 4 AHTS under construction. The company´s operations are
managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de
Janeiro with a total of 2000 employees engaged onshore and offshore. The
company´s strategy is to be a leading quality provider of large, modern offshore
service vessels to the oil industry. The company maintains a long-term charter
profile for the fleet.

www.farstad.com

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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Source: Farstad Shipping ASA via Thomson Reuters ONE
[HUG#1669861]

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