Farstad Shipping Bags $88M Charter Contracts for Work Globally

Norway's large and medium sized supply vessel provider Farstad Shipping ASA disclosed recently that it has been awarded charter contracts, worth approximately $87.57 million (NOK 525 million), for work in several regions around the world.

Total E&P South Africa has awarded the platform supply vessel (PSV) Far Spica (2013, PSV 08 CD, 4.000 DWT) a 4 month contract. The vessel is expected to depart from the North Sea in early May.

In Brazil, Petrobras has awarded the PSV Far Swift (2003, UT 755 L, 3.084 DWT) a two year contract, with a further 2 year option. The vessel will operate as a shallow water diving support vessel with ROV (remotely operated vehicle) 9 capacity, and will be upgraded with these features prior to the contract commencement. Expected commencement of the contract is in August/September.

The anchor handling tug supply (AHTS) Far Sea (1991, ME 303 II, 13.219 BHP) has been awarded a two month contract including options by Van Oord Servicos de Operacoes Marítimas Ltda. in Brazil. Expected commencement is May 2014. The AHTS Far Sailor (1997, UT 722, 16.809 BHP) will replace Far Sea in fulfilling Far Sea's contract with Petrobras from May 2014 on (ref. press release of Oct. 29, 2013).

The AHTS Far Fosna (1993, UT 722, 14.388 BHP) and the AHTS Far Grip (1993, UT 722, 14.388 BHP) have been awarded a contract by Oil Field Services/Gazprom in Sakhalin with commencement at the end of May. The contract is for a firm duration of 100 days with another 150 day option.

In Australia, Shell Australia has extended the contract for the PSV Far Skimmer (2012, PSV 08 CD, 4.000 DWT) with further 327 days and the PSV Far Sitella (2013, PSV 08 CD, 4.000 DWT) with further 360 days. In addition the AHTS Far Fosna (1993, UT 722, 14.388 BHP) shall work for Shell Australia in a 90 day period starting in September.

Chevron has awarded the PSV Far Spirit (2007, VS 470 Mk II, 3.624 DWT) a one year contract, with a further one year option.

The AHTS Lady Caroline (2003, UT 712, 12.240 BHP) has been awarded a 60 day contract by PTTEP. 

The AHTS Lady Astrid (2003, UT 712, 12.240 BHP) and the AHTS Lady Sandra (1998, KMAR 404, 15.014 BHP) have been awarded a one month contract with Sinopec Limited.

Total value of the contracts, excluding options, is approximately $87.57 million (NOK 525 million). 


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