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2014-04-22

Farstad Shipping ASA: Farstad Shipping ASA - Charter Agreements

Farstad Shipping ASA has been awarded the following charter contracts:

Total E&P South Africa has awarded the PSV Far Spica (2013, PSV 08 CD, 4.000
DWT) a 4 month contract. The vessel is expected to depart from the North Sea
in early May.

In Brazil, Petrobras has awarded the PSV Far Swift (2003, UT 755 L, 3.084 DWT)
a two year contract, with a further 2 year option. The vessel will operate as
a shallow water diving support vessel with ROV capacity, and will be upgraded
with these features prior to the contract commencement. Expected commencement
of the contract is in August/September.

The AHTS Far Sea (1991, ME 303 II, 13.219 BHP) has been awarded a two month
contract including options by Van Oord Serviços de Operações Marítimas Ltda.
in Brazil. Expected commencement is May 2014. The AHTS Far Sailor (1997, UT
722, 16.809 BHP) will replace Far Sea in fulfilling Far Sea's contract with
Petrobras from May 2014 on (ref. press release of 29 October 2013).

The AHTS Far Fosna (1993, UT 722, 14.388 BHP) and the AHTS Far Grip (1993, UT
722, 14.388 BHP) have been awarded a contract by Oil Field Services/Gazprom
in Sakhalin with commencement at the end of May. The contract is for a firm
duration of 100 days with another 150 day option.

In Australia, Shell Australia has extended the contract for the PSV Far
Skimmer (2012, PSV 08 CD, 4.000 DWT) with further 327 days and the PSV Far
Sitella (2013, PSV 08 CD, 4.000 DWT) with further 360 days. In addition the
AHTS Far Fosna (1993, UT 722, 14.388 BHP) shall work for Shell Australia in a
90 day period starting in September.

Chevron has awarded the PSV Far Spirit (2007, VS 470 Mk II, 3.624 DWT) a one
year contract, with a further one year option.

The AHTS Lady Caroline (2003, UT 712, 12.240 BHP) has been awarded a 60 day
contract by PTTEP.

The AHTS Lady Astrid (2003, UT 712, 12.240 BHP) and the AHTS Lady Sandra
(1998, KMAR 404, 15.014 BHP) have been awarded a one month contract with
Sinopec Limited.

Total value of the contracts, excluding options, is approx. NOK 525 mill.

Contacts:
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 60 vessels (32 AHTS, 25 PSV and
3 SUBSEA) and 2 PSV and 2 SUBSEA under construction. The company's operations
are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and
Rio de Janeiro with a total of 2200 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.

www.farstad.com

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

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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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