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2016-11-21

Farstad Shipping ASA: Farstad Shipping ASA - Charter Agreements

Farstad Shipping ASA has been awarded the following charter contracts:

Petrobras has extended the contract for the MPSV Far Swift (2003, UT
755 L, 3,084 DWT) with another year in direct continuation with
present contract, until October 2017. The vessel will continue to
deliver air diving and ROV services in cooperation with Fugro Brasil,
on the Brazilian continental shelf.

Shell Brasil Petroleo LTDA has awarded the PSV Far Star (1999, UT 745,
4,403 DWT) a 2 year contract for the support of their production
activities offshore Brazil. Commencement will take place by the end
of 2016, and Shell has the option to extend the contract with
additional 2 years.

Saipem SA has awarded the PSV Far Service (1995, UT 745, 4,683 DWT)
and the PSV Far Supporter (1996, UT 750, 4,680 DWT) six months
contracts (including mobilization) to support their activity on the
ZOHR development project offshore Egypt. Commencement will take place
during December 2016. Saipem has option to extend the contracts
withanother 30 days.

The commercial terms of the agreements will be kept private and
confidential between the parties.

Contacts:

CEO Karl-Johan Bakken - tel. +47 901 05 697

CFO Olav Haugland - tel. +47 915 41 809

Farstad Shipping's fleet currently consists of 55 vessels (27 AHTS, 22
PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. The
company's operations are managed from Aalesund, Melbourne, Perth,
Singapore, Macaé and Rio de Janeiro with a total of 1,725 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.

www.farstad.com

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