Farstad Shipping ASA - Charter Agreements

12/12/2014, 9:58 AM (Source: GlobeNewswire)

Farstad Shipping ASA has been awarded the following charter contracts in Australia:

Inpex has awarded contracts to the AHTS Far Sabre (2008, UT 712 L, 14.688 BHP) and the AHTS Far Sound (2007, UT 712 L, 14.688 BHP). Commencement is expected to take place in early January 2015. The duration of the contracts will be approx. 140 days, with further up to 18 months options.

The AHTS Far Strait (2006, UT 712 L, 14.688 BHP) and the AHTS Far Scimitar (2008, UT 712 L, 14.688 BHP) have been awarded contracts by Murphy Oil for a fixed period of 3 wells (approx. 60 days).  Expected commencement will be middle January 2015.

In addition the AHTS Far Strait (2006, UT 712 L, 14.688 BHP), the AHTS Far Scimitar (2008, UT 712 L, 14.688 BHP) and the AHTS Lady Caroline (2003, UT 712, 12.240 BHP) have been awarded a contract by BHP Billiton with expected commencement middle March 2015. The contract is for a firm duration of 330 days with further up to 300 days options. The contracts for Far Strait and Far Scimitar will be in direct continuation of existing contracts.

Total value of the contracts, excluding options, is approx. NOK 350 mill.

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

Farstad Shipping's fleet currently consists of 62 vessels (32 AHTS, 26 PSV and 4 SUBSEA) and 2 SUBSEA vessels under construction. The company's operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2,250 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.



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

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Farstad Shipping ASA via Globenewswire

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