Farstad Shipping ASA - Charter Agreements

5 Aug 2013

Farstad Shipping ASA has been awarded the following charter contracts:

AHTS Far Sky (1991, ME 303 II, 13,382 BHP) and AHTS Far Grip (1993, UT 722, 14,388 BHP) have been awarded contracts by ENI Australia Ltd. for a fixed period of 5 months with additional 5 months options. The vessels will be supporting the ENSCO 104 at ENI's Evans Shoal gas field off Northern Australia.

BHP Billiton has awarded contracts to AHTS Far Sword (2006, UT 712L, 14,688 BHP) and AHTS Far Sound (2007, UT 712L, 14,688 BHP) to support the semi-submersible Jack Bates off North Western Australia. These contracts are for 3 wells firm with the approximate duration of 5 months with a further option of 1 well.

AHTS Far Sabre (2008, UT 712L, 14,688 BHP) and AHTS Far Scimitar (2008, UT 712L, 14,688 BHP) have been awarded contracts by Woodside Energy Ltd. to support the semi-submersible Atwood Eagle off North Western Australia. The duration of the fixed period is estimated to 100 days.

Chevron has awarded an 18 month firm contract for a Farstad UT 712L AHTS starting Q4 2013 with further options supporting the Ocean America offshore Western Australia.

Brunei Shell Petroleum Company SDN BHD has awarded AHTS Lady Caroline (2003, UT 712, 12,240 BHP) a 5 month contract operating in Brunei waters.

Oil Search (PNG) Limited has declared a 1 well option to extend AHTS Far Fosna (1993, UT 722, 14,388 BHP) and AHTS Lady Sandra (1998, KMAR 404, 15,014 BHP) with an expected duration of approximately 30 days. The contract involves supporting the semi-submersible Stena Clyde off Papua New Guinea.

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

Farstad Shipping's fleet currently consists of 59 vessels (30 AHTS, 26 PSV and 3 SUBSEA) and 2 PSV, 2 AHTS and 1 SUBSEA under construction. The company's operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2080 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