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2016-11-10

Farstad Shipping ASA: Farstad Shipping ASA - Standstill extension

Reference is made to the stock exchange notice dated 30 September 2016
where Farstad Shipping ASA informed of an extension of the standstill
and deferral agreement until 10 November 2016.

The parties to the standstill and deferral agreement have agreed to
extend the agreement further. Effectively, all amortisations of the
Farstad group falling due to the relevant creditors from and
including 1 July have been postponed until 20 December 2016, subject
to certain conditions to be met during the course of the standstill
period.

The extension of the standstill and deferral agreement facilitates and
supports the Farstad group's continued constructive dialogue with
investors, strategic partners and lenders. In parallel, Farstad
continues the work to optimize its operating model, fleet composition
and fleet utilization, as well as operating cost improvements.

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 1,780 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.

www.farstad.com

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http://news.cision.com/farstad-shipping-asa/r/farstad-shipping-asa---sta...

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