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Farstad Shipping ASA: Farstad Shipping ASA - Company Update

Reference is made to the company updates from Farstad Shipping ASA of
4 July 2016 and 30 September 2016.

Farstad Shipping ASA and a company in the Siem Industries group
("Siem") have entered into a non-binding letter of intent for the
financial restructuring of Farstad Shipping ASA, with Siem or a fund
managed by Siem as a key equity investor.

In accordance with the letter of intent, Farstad Shipping ASA and Siem
are continuing the company's discussions with key stakeholders of the
Farstad Shipping group with a view to find a solid financial platform
for Farstad Shipping ASA's continued operations.

No further comments will be given at this stage.


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

CFO Olav Haugland tel. +47 915 41 809

Farstad Shipping's fleet currently consists of 56 vessels (28 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 1,780 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.


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