Farstad Shipping Lands LOI for Platform Supply Vessel

StatoilHydro has issued a Letter of Intent to Farstad Shipping ASA for a long-term charter contract for our platform supply vessel (UT751 CD) under construction at Aker Yards Brevik. The contract is for a firm period of 5 years with charterer's option to extend the contract with 4 x 1 year options. The contract will start at the delivery of the vessel from the yard which is expected to take place in first quarter of 2009.

The Letter of Intent also includes a firm contract for the Far Symphony (PSV, Ulstein P105, 2003) as a forerunner from March 2008 until delivery of the newbuild. StatoilHydro has an option to extend this contract for 2 x 1 year.

StatoilHydro is a major and important customer for Farstad Shipping. This contract further strengthens the company's position as a long-term supplier for StatoilHydro.

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