Farstad to Sell Two AHTS Vessels to Ocean Yield (Norway)

Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, reached an agreement with Ocean Yield of a sale and leaseback of two AHTS. The vessels, both UT 731 CD design, are under construction at Vard Langsten in Tomrefjord (previously STX OSV Langsten) for delivery ultimo March and May 2013 respectively.

The agreement with Ocean Yield implies an immediate sale of the vessels from Farstad Supply AS to Ocean Yield upon delivery of the vessels from the yard. The vessels will then be leased back to Farstad Supply AS on a 12 year bareboat charter. The agreement includes options for Farstad Supply AS to buy back the vessels. The parties have agreed to keep the commercial terms of the agreement confidential.

Farstad Shipping’s fleet currently consists of 57 vessels (28 AHTS, 26 PSV and 3 SUBSEA) and 3 PSV, 4 AHTS and 1 SUBSEA under construction. The company’s operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2080 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.

Press Release, March 7, 2013

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