Farstad Shipping ASA - Charter Agreement

Farstad Shipping ASA has been awarded the following charter contract in Brazil:

Petrobras has extended the contract for the AHTS BOS Turmalina (2006, UT 722 L, 14.416 BHP)with further 600 days. Before commencement of the contract the vessel will be upgraded for ROV support services.  Expected commencement of the new contract is at the end of January 2015. Petrobras has the option to extend the contract with up to 8 years.

Total value of the contract, excluding options, is approx. NOK 180 mill.

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

Farstad Shipping's fleet currently consists of 62 vessels (32 AHTS, 26 PSV and 4 SUBSEA) and 2 SUBSEA under construction. The company's operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2250 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 Globenewswire

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