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Farstad Shipping ASA: Farstad Shipping ASA - Changes in Corporate Management

Farstad Shipping has made changes in Corporate Management. Finn Amund Norbye
should commence the position as Chief Commercial Officer in Farstad Shipping
in April. However, Norbye has decided to decline the offer.

In February 2015 it was announced that former CEO in Deep Sea Supply, Finn
Amund Norbye, had accepted an offer from Farstad Shipping. Norbye was
supposed to start as Chief Commercial Officer in April.

- Farstad Shipping gave me a very exciting offer. The opportunity to develop
one of the world's largest supply companies is exciting for everyone in our
industry. However, after a comprehensive evaluation and discussions with my
family, I have decided to decline the offer, says Finn Amund Norbye. Norbye
will now spend some time to consider new opportunities.

- Farstad Shipping regret that Norbye declined the offer, but we respect his
choice. His duties will be taken care of and developed further by our skilled
employees. We will continue to build Farstad Shipping as a leading
international supply company, says CEO in Farstad Shipping, Karl-Johan

CEO Karl-Johan Bakken - tel. +47 901 05 697
CFO Torstein L. Stavseng - tel. +47 911 07 001

Farstad Shipping's fleet currently consists of 62 vessels (31 AHTS, 26 PSV and
5 SUBSEA) and 2 SUBSEA vessels under construction. The company's operations
are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de
Janeiro with a total of 2,200 employees engaged onshore and offshore. The
company's strategy is to be a leading quality provider of large, modern
offshore service vessels to the oil industry. The company maintains a
long-term charter profile for the fleet.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Farstad Shipping ASA via Globenewswire


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