Farstad secures multiple charter deals

Norway’s Farstad Shipping ASA has secured multiple charter contracts worth approximately NOK 1.75 billion.

Farstad Shipping ASA has been awarded the following charter contracts:

Inpex has awarded contracts to AHTS Far Sword (2006, UT 712 L, 14.700 BHP) and AHTS Far Stream (2006, UT 712 L, 14.700 BHP). Commencement is expected to take place in November 2014. The duration of the contracts will be approx. 40 months, with further up to 24 months options.

In addition the PSV Far Seeker (2008, UT 751 E, 4.905 DWT) has been awarded a contract by Inpex with commencement expected to be in November 2014. The contract is for a firm duration of 18 month with further up to 24 months options. The vessel is for the time being traded in the North Sea.

Woodside Energy Ltd. has awarded AHTS Far Sirius (2014, UT 731 CD, 24.400 BHP) a 16 month contract, with further up to 18 months options. Commencement is expected to take place in October 2014. The vessel has been traded in the spot market in the North Sea. AHTS Far Stream (2006, UT 712 L, 14.700 BHP) has been awarded a 60 days contract by Woodside with start up in August.

Esso Australia has awarded the PSV Far Supplier (1999, VS 483, 4.709 DTW) a two-year contract, with further 3 years options. In addition, the PSV Far Scandia (1991, UT 705, 3.100 DTW) have been awarded a contract for a fixed period of 10 months with additional 6 months options. The new contracts are in direct continuation of existing contracts.

AHTS Far Sabre (2008, UT 712 L, 14.700 BHP) and AHTS Far Sound (2007, UT 712 L, 14.700 BHP) have been awarded contracts by ENI Australia Ltd. for a fixed period of 110 days with additional 35 days options. Commencement is expected to take place in September 2014.

AHTS Lady Caroline (2003, UT 712, 12.240 BHP) has been awarded a 60 days contract by SINOPEC for the support of the Stena Clyde. Commencement is expected to take place in August 2014.

Statoil has awarded a contract to PSV Far Scotsman (2012, PSV 08 CD, 4,000 DWT) to support the Statoil drilling operations in Tanzania. Commencement will take place in direct continuation to present contract with the same charterer. The duration of the contracts will be 8 months, with a further 6 x 6 months option.

Karoon Petroleo & Gas Ltda has awarded a 5 months contract with a further 4 x 30 days option to AHTS Far Senator (2013, UT 731 CD, 24,400 BHP) to support their drilling program in Brazil. Commencement of the contract will take place during July 2014.

Petrobras has extended the contract on AHTS Far Santana (2000, UT 730, 19 200 BHP) with another 4 year in direct continuation with the present contract.

Total value of the contracts, excluding options, is approx. NOK 1.75 billion.

July 24, 2014

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