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2015-03-26

Farstad Shipping ASA: Farstad Shipping ASA - Vessel delivery and long-term financing

Farstad Shipping ASA has today Thursday 26 March taken delivery of
subsea-/construction vessel Far Sleipner (Vard 3 07) from Vard Langsten.

The vessel is designed for subsea construction/IMR operations to 3,000 meters
water depth, has an overall length of 142.6 meters, beam of 25 meters and a
deck area of 1,800 m². The vessel is equipped with two offshore cranes, of
which the larger one has a lifting capacity of 350 tons. Furthermore the
vessel is arranged for 3 pc ROV (Remote Operating Vehicles) and accommodation
for 130 persons.

The vessel will enter into a charter contract to Technip for a period of
approx. 11 months, divided into two firm periods. Including mobilization and
demobilization, Technip may utilize the vessel for a period up to 16 months,
cf. our press release of 23 February 2015.

The long-term financing of the vessel is arranged by Eksportkreditt Norge AS,
DNB, Swedbank and GIEK.

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 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.

Far Sleipner
http://hugin.info/45/R/1906535/678817.pdf

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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

HUG#1906535

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