Farstad Nabs New Charter Commitments in Brazil, Australia

Farstad Shipping

Farstad Shipping has announced new charter commitments in the range of Norwegian Kroner 380-665 million depending on options.

BG E&P Brasil has awarded the AHTS Far Sabre (UT712L, 2008, 15,900bhp) a 12 month contract (plus 14 month options) related to their operation in Brazil. Start up of the contract is end of October.

Hess Australia has issued a Letter of intent for the charter of the AHTS Far Sword (UT 712L, 2006, 15,900bhp) and the AHTS Far Saltire (UT 728, 2002, 16,300bhp) to support the semisubmersible rig Jack Bates in Australia for a period of 12-17 months. The program is scheduled to commence in May/June 2009. Far Saltire's existing commitment to Woodside to June 2010 will be taken over by the AHTS Far Sound (UT 712L, 2007, 15,900bhp).

The new charters have been entered into at strengthening rate levels.

The contract coverage of the Farstad Fleet for 2009 is approximately 75%. This includes charterers' options to extend certain contracts.