The platform supply vessel (PSV) “Sical Torino” (VS470 MKII 3,570 DWT) has been delivered to Farstad Shipping Pte Ltd, Singapore, a wholly owned subsidiary of Farstad Shipping ASA.

The purchase of the vessel, renamed “Far Swan”, is facilitated by
internal  financial resources. However, a long-term financing will soon
be arranged  by Nordea.

 Woodside Australia has awarded the vessel an 18 months contract (+18
months option). Start-up of the contract will be December depending on
when the DP SS Maersk Discovery Rig is in position in Australian waters.

 Farstad Shipping also announces the following new charter contracts:

 Petrobras has extended the contracts for Far Sailor (AHTS, UT 722,
1997), Far Senior (AHTS, UT 722 L, 1998) and PSV Far Swift (UT 755 L,
3.084 dwt) all for a period of 2 years in Brazil.  Petrobras has an
option to extend the contract for Far Swift for further 5 months. The
extensions are made on a lower rate level than the existing contracts.

 Total value of the contracts with options is approx. NOK 580 million with todays exchange rates.

Source: Farstad Shipping

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• Farstad be affected by strike

    Farstad Shipping has been advised that our Australian vessel operations will be affected by a two day stoppage of work on 17th and 18th November brought on by the Maritime Union of Australia (MUA) which covers ratings and catering staff. The nature of the stoppage will potentially affect 17 of

• Farstad Announces New Charter Agreements

    Farstad Shipping has been awarded the following charter contracts: PSV Lady Grace (2002, UT 755, 3.936 DWT) a further 12 month charter extension has been declared by Woodside from 30 April 2010. AHTS Far Stream (2006, UT 712L, 15.900 BHP) has been extended by Woodside for a period of 1

• Farstad Shipping shall OSJ

    During the Offshore Support Vessel Conference in London 17 February 2010, organized by the magazine Offshore Support Journal and one of the greater annual events for the industry, Farstad Shipping ASA received the Shipowner of the Year Award. On top of that, Farstad Shipping ASA together with Rolls Royce Marine

• Ship supply and long-term financing

    “Far Shogun” (AHTS UT731CD) has been delivered from STX Norway Offshore AS, Langsten, to Farstad Supply AS, a wholly owned subsidiary of Farstad Shipping ASA.

• Farstad Announces Charter Agreement

    Farstad Shipping announces the following new charter commitments: Petrobras, Brazil, has contracted PSV Far Supporter (1996, UT 750, 4.680 DWT) for a period of 3 years, with start up during the 1st quarter 2010.

• Farstad Shipping Reports 3Q 2009 and 30.09.2009

     Attached please find Report 3Q 2009. ? Farstad Shipping achieved an operating income of NOK 871.9 million for the 3rd quarter. ?The operating profit (EBIT) was NOK 352.6 million.

• Farstad Report 2Q and 1st Half of 2009 accounts

     Attached please find Report 2Q and 1st half year 2009.   Farstad Shipping achieved an operating income of NOK 834.9 million for the 2nd quarter.  The operating profit (EBIT) was NOK 341.3 million. The profit after taxes was NOK 366.8 million.   The operating income at 30.06.09 was NOK 1,581.0 million. The operating

• Farstad Shipping workers in Australia May Strike, says review

    Farstad Shipping ASA workers in Australia agreed to two strikes, the Australian Financial Review reported, citing an interview with Managing Director Joe Homsey. Shipping firms are urging the government to intervene to resolve the dispute, the newspaper said. The Maritime Union of Australia is seeking a 30 percent pay rise

• Farstad: Report 2Q and 1st Half of 2009 accounts

    Farstad Shipping achieved an operating income of NOK 834.9 million for the 2nd quarter.  The operating profit (EBIT) was NOK 341.3 million. The profit after taxes was NOK 366.8 million. The operating income at 30.06.09 was NOK 1,581.0 million. The operating profit (EBIT) was NOK 634.0 million. The profit after taxes was

• North Sea rig hit by a supply ship – report

    Marathon Petroleum evacuated some personnel from drilling rig Songa Dee on the Alvheim field in the North Sea as a precautionary measure after a supply boat knocked into it, news agency NTB said. There were no reports of damages to the rig or its crew and the situation was under

• Farstad Shipping reports fourth quarter of 2009

    Farstad Shipping achieved an operating income of NOK 804.7 million for the 4th quarter.? The operating profit (EBIT) was NOK 294.7 million. The profit after taxes was NOK 869.1 million

• Farstad warns of weaker market

    Norwegian offshore support specialist Farstad Shipping has pointed to a weakening market in its latest quarterly report.

• Farstad Shipping announces new charter agreements

     Petrobras, Brazil, has contracted PSV Far Supporter (1996, UT 750, 4.680 DWT) for a period of 3 years, with start up during the 1st quarter 2010.

• Petrobras has awarded a 2-year contract for the AHTS Far Scout

     Petrobras has awarded a 2 year contract to AHTS Far Scout (UT 722 L, 2001, 18.000 bhp) in Brazil. Start-up of the contract will be October 2009.  The total value of the contract is approx. NOK 180 million.   Contacts: CEO Karl-Johan Bakken – tel. 90 10 56 97 CFO Torstein Stavseng -   tel. 91

• Norway High Court, says the shipper to avoid, back-tax

    Norway’s supreme court ruled in favour of shipping companies that have disputed $3.8 billion in back-taxes on profits retained over many years, spurring a rally for some Norwegian shipping stocks. Six out of 11 judges on the supreme court found the retroactive tax unconstitutional, the court’s verdict said. Norway’s government