Farstad Shipping - Charter Agreements

2010-06-01

Farstad Shipping has been awarded the following charter contracts:

AHTS Lady Caroline (2003, UT 712, 13.200 BHP) has been awarded a 12 months contract for Woodside, Australia, commencing in May 2010 with 2 x 1 year options.

Woodside has extended the contract for AHTS Far Strait (2006, UT 712L, 15.900 BHP) for a period of 12 months commencing 20 April 2010 with 2 x 1 year options.

In the North Sea BP has contracted Far Superior (1990, UT 705L, 3796 DWT) to a period of 12 months with 2 x 6 months options. Start-up of the contract is July 2010.

Total value of the contracts incl. options is approximately NOK 500 million.

Farstad Shipping's fleet currently consists of 57 vessels (23 PSV, 32 AHTS and 2 SUBSEA). The company's operations are run from Ålesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1.860 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