Farstad Shipping ASA - Charter Agreements

4/11/2012, 10:01 AM (Source: GlobeNewswire)
Farstad Shipping ASA has been awarded the following charter contracts in
Australia:



Origin Energy has awarded contracts to AHTS Far Fosna (1993, UT 722, 14,400 BHP)
and AHTS Lady Sandra (1998, KMAR 404, 15,014 BHP) to support their Bass Strait
drilling campaign.  The duration of the contracts will be approx. 9 months
commencing in April.



Woodside Energy Ltd. has awarded PSV Lady Grace (2001, UT 755, 2,936 DWT) a 12
month contract with 2 yearly options. The vessel will continue to service
Woodside's production facilities on the North West Shelf.



Woodside has also extended the contract for AHTS Far Strait (2006, UT
712L, 14,688 BHP) for another year from June 2012.



Esso has declared their option to extend the contract for PSV Lady Kari-Ann
(1982, ME 202, 2,972 DWT) for a further 3 months, with an additional 2 month
option, extending the vessel well into third quarter 2012.



BHP Billiton has awarded a 3 month contract to AHTS Far Saltire (2002, UT
728L, 16,320 BHP) in support of their drilling campaign on the North West Shelf.
Commencement will be in April.



Total value of the contracts, excluding options, is approx NOK 300 mill.


Contacts:
CEO Karl-Johan Bakken - tel. +47 901 05 697
CFO Torstein Stavseng -   tel. +47 911 07 001



Farstad Shipping's fleet currently consists of 54 vessels (30 AHTS, 21 PSV and
3 SUBSEA) and 6 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
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