Farstad Shipping ASA - Vessel delivery and long-term financing

Tuesday, Jul 03, 2012

Far Scotsman (STX PSV08 CD) has today Monday 2nd July been delivered from STX OSV Langsten to Farstad Shipping Limited, a wholly owned subsidiary of Farstad Shipping ASA. The vessel will trade the spot market in the North Sea.

Eksportkreditt Norge AS has financed the vessel in cooperation with DNB Bank ASA, GIEK and SpareBank 1 SMN.

Farstad Shipping's fleet currently consists of 54 vessels (29 AHTS, 22 PSV and 3 SUBSEA) and 7 PSV and 4 AHTS under construction. The company's operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2000 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.

Source: Farstad Shipping ASA