Farstad Announces Recent Charters

Farstad Shipping ASA recently secured the following charters:

Far Sailor (AHTS, UT 722, 1997) and Far Senior (AHTS, UT 722 L, 1998) have both been extended for 2 years with Petrobras in Brazil in direct continuation of their current charter that expires in May 2007.

Saipem has declared their option to charter AHTS Far Sovereign (UT 741, 1999) for 210 days in 2007 with start-up during April 2007.

The newbuild t.b.n. Far Spirit (PSV, VS470) has been chartered by BP Angola for a period of 2 years plus 1 year option. Lady Melinda (MPSV, UT 755, 2003) will act as a front runner for the new vessel being built by West Contractors in Norway that is due for delivery end March 2007. Lady Melinda started the contract with BP this month. Upon Far Spirit's arrival in Angola, Lady Melinda will mobilize to Australia to enter into a contract with Woodside Energy Ltd for a period of approx. 6 months.

Lady Grete (PSV, UT755 L, 2002) is presently working for Woodside Energy Ltd in Kenya and will in June 2007 start on a 3 years contract (plus 1 year option) working for Reliance in India.

Lady Sandra (AHTS, KMAR 404, 1998) is expected to finish her existing contract with Shell Malaysia in May 2007. The vessel will then mobilize to Australia to start on a 13 month plus option contract supporting a exploration drilling program for Peak.

Lady Gerda (AHTS, 1987) has been awarded a charter contract by Esso Australia for approx. 6 months plus options supporting drilling operations in Bass Strait.

The contracts represent a total value of approximately NOK 725 million.

The contract coverage of the Farstad fleet is approx. 90% during 1st half year of 2007 and approx. 60% for the 2nd half of 2007. The contract coverage for 2008 is approx. 35%. These figures do not include charterers' options to extend certain contracts.

Farstad Shipping has a fleet of 48 vessels (27 AHTS, 21 PSV) and 13 vessels under construction. (8 AHTS, 1 CSV, 4 PSV). Two AHTS (1980-built) are committed on sale and will be delivered to new owners during 1st Quarter whilst 6 newbuilds are scheduled to delivery during 2007.

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