Farstad Shipping ASA: Vessel delivery and long-term financing

2012-09-17

Far Skimmer (STX PSV08 CD) has today Monday 17 September been delivered from STX OSV Vung Tau in Vietnam to Farstad Shipping Pte. Ltd. in Singapore, a wholly owned subsidiary of Farstad Shipping ASA.

Upon arrival in Australia, the vessel will commence its long term commitment to Shell Australia related to their Prelude drilling campaign. Reference is made to our press release of 14 June 2012.

A long-term facility has been drawn with Nordea Bank to finance the vessel.

Farstad Shipping's fleet currently consists of 55 vessels (29 AHTS, 23 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.

Farstad Shipping ASA press release