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Farstad Shipping ASA (OSL:FAR) Farstad Shipping announces new charter commitments in the range of Norwegian Kroner 380 - 665 million depending on options.
BG E&P Brasil has awarded the AHTS Far Sabre (UT712L, 2008, 15,900bhp) a 12 month contract (plus 14 month options) related to their operation in Brazil. Start up of the contract is end of October.
Hess Australia has issued a Letter of intent for the charter of the AHTS Far Sword (UT 712L, 2006, 15,900bhp) and the AHTS Far Saltire (UT 728, 2002, 16,300bhp) to support the semi-submersible rig "Jack Bates" in Australia for a period of 12-17 months. The program is scheduled to commence in May/June 2009. Far Saltire's existing commitment to Woodside to June 2010 will be taken over by the AHTS Far Sound (UT 712L, 2007, 15,900bhp).
The new charters have been entered into at strengthening rate levels.
The contract coverage of the Farstad Fleet for 2009 is approx. 75%. This includes charterers' options to extend certain contracts.
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 50 vessels (23 PSV and 27 AHTS) and 7 vessels (5 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
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