Farstad Shipping ASA - Possible new bond issue

2010-09-14

Farstad Shipping ASA is contemplating a bond issue in the Norwegian bond market with maturity in September 2013.

The net proceeds of the loan will be used for general corporate purposes.

DnB NOR Markets is arranging the contemplated bond issue.

Farstad Shipping's fleet currently consists of 58 vessels (32 AHTS, 24 PSV and 2 SUBSEA). The company's operations are run from Aalesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1820 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