Farstad Shipping ASA - Successful placement of new bond issue

2010-09-20

Farstad Shipping ASA has successfully completed a NOK 400 million Senior Unsecured bond issue with expected maturity date on 27 September 2013.

Settlement date is expected to be 27 September 2010. An application will be made for the bonds to be listed on Oslo ABM as soon as practically possible.

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

DnB NOR Markets was Sole Arranger of the new 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. www.farstad.com

Farstad Shipping