The purchase price is 127 million Australian dollars, equivalent to approx. NOK 563 million. The gross investment for Farstad Supply is approx. NOK 1.000 million for the 50%-share. The parties intend to complete the transaction by the end of June. Farstad Shipping will establish a subsidiary in Melbourne, International Offshore Services Pty. Ltd., to continue the operation of the fleet in the region. The new company will in addition have representation in Perth, Singapore, Vietnam and the Philippines.
The acquisition gives Farstad Shipping an improved position in a region with substantial growth and the company's international position will be strengthened.
Farstad Shipping operates today a fleet of 45 vessels and has 8 vessels under construction.
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