Farstad Shipping Charters AHTS Far Senior to Petrobras, Brazil

Farstad Shipping has been awarded charter contract for AHTS Far Senior (1998, UT 722L, 18.900 BHP) by Petrobras in Brazil for a 4 year period.

Petrobras has the option to extend the contract with an additional 4 years. The contract includes both anchor handling- and ROV services. A third party has been contracted for delivery of the ROV services. The vessel will be technically upgraded before the start-up of the contract, which is expected to take place during the first quarter of 2012.

The contract, excluding options, represent a gross revenue of approximately NOK 520 mill.

Farstad Shipping’s fleet currently consists of 57 vessels (32 AHTS, 22 PSV and 3 SUBSEA) and 6 PSV and 2 AHTS under construction. The company’s operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1970 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.

520 000 000 Norwegian kroner = 90.69008 million U.S. dollars