Farstad Shipping ASA, press release

Farstad Shipping ASA - Charter Agreements

14 February 2014

Farstad Shipping has been awarded the following charter contracts:

Statoil has declared their one year option to extend the contract for the PSV Far Serenade (2009, UT 751 CD, 5,944 DWT).

Saipem has declared their one year option to extend the contract for the CSV Far Samson (2009, UT 761 CD, 32,640 BHP / 250 t Crane).

Peterson Den Helder B.V. has declared their one year option for the PSV Far Splendour (2003, P 106, 3,503 DWT).

In Australia ConocoPhillips has extended the contract for the PSV Lady Melinda (2003, UT 755, 2,777 DWT) with another 2 years.

PSV Far Starling (2013, PSV 08 CD, 4,000 DWT) has been awarded an 18 month firm contract by Woodside, with a further option of 3 x 6 months. Woodside has also declared their option to extend the contract for the PSV Lady Grace (2001, UT 755, 5,922 DWT) with another 12 months.

Exxon Mobil has declared their option to extend the contract for the PSV Far Swan (2006, VS 470 MK II, 3,628 DWT) with another 180 days.

Hunt Oil has awarded contracts to the AHTS Lady Astrid (2003, UT 712, 12,240 BHP), the AHTS Lady Sandra (1998, KMAR 404, 15,014 BHP) and the AHTS Far Stream (2006, UT 712L, 14,688 BHP) for the approximate duration of 45 days with a further option of approximate 45 days.

After finalizing of the Hunt Oil contracts the Lady Astrid and the Lady Sandra will commence new contracts with PTTEP. Each vessel has been awarded a contract for the approximate duration of 80 days.

Total value of the contracts, excluding options, is approx. NOK 630 mill.

Farstad Shipping's fleet currently consists of 59 vessels (31 AHTS, 25 PSV and 3 SUBSEA) and 1 AHTS, 2 PSV and 2 SUBSEA under construction. The company's operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2200 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