Farstad Shipping - Charter Agreements

18 August 2008

Farstad Shipping has achieved a 3 year contract (plus 3 x 1 month options) with Marathon Norway for the platform supply vessel Far Service (UT 745, 1995, 4.680 DWT). Start up of the contract is August in direct continuation of the existing employment.

Peterson SBS Den Helder BV has declared the first one year option on the platform supply vessel Far Splendour (P 106, 2003, 3503 DWT) commencing in direct continuation to the current contract end of December.

Coogee in Australia has extended the charter agreement for the anchorhandling tug supply vessels Lady Valisia ( ME 303, 1983, 12.240 BHP) and Lady Gerda (Hart Fenton, 1987, 8.660 BHP) for a period of 10 months from 1st Oktober and 1st Desember respectively..

Total contract value is approx. NOK 293 mill.

Farstad Shipping's fleet currently consists of 50 vessels (23 PSV and 27 AHTS) and 7 vessels (5 AHTS, 1 PSV, 1 CSV) under construction at Norwegian yards. The company's operations are run from Ålesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1550 employees onshore and offshore. The company's strategy is to be a major international supplier of large, modern offshore service vessels to the oil industry. We also remain committed to solid long-term charter profile for the fleet.

Farstad Shipping