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Farstad Shipping ASA (OSL:FAR) FAR - Charter Agreement

Farstad Shipping ASA (OSL:FAR) Petrobras has awarded a 4 year contract to AHTS Far Sea (ME 303 II, 1991, 13.200 bhp) in Brazil. Start-up of the contract will be at the end of January in direct continuation of existing contract. Petrobras has annually subject to certain conditions the right to cancel the contract.

The contract has been entered into at strengthening charter rate level and the total value of the contract is approx. NOK 375 million.

Contacts: Karl-Johan Bakken, CEO tel.: +47 901 05 697 Torstein L Stavseng, CFO tel.: +47 911 07 001

Farstad Shipping's fleet currently consists of 51 vessels (23 PSV and 28 AHTS) and 6 vessels (4 AHTS, 1 PSV, 1 CSV) under construction at Norwegian yards. The company's operations are run from Ålesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1550 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.no

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Farstad Shipping ASA

http://www.farstad.no/

ISIN: NO0003215303

Stock Identifier: XOSL.FAR

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Farstad Shipping ASA

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