Farstad Shipping ASA Announces Sale of vessels

Friday, Mar 02, 2012

Farstad Shipping ASA has, through its wholly owned subsidiary P/R International Offshore Services ANS, reached an agreement to sell the two oldest AHTS in our fleet, the AHTS Lady Audrey (1983, ME 303, 12.240 BHP) and the AHTS Lady Valisia (1983, ME 303, 12.240 BHP).

Delivery of the vessels to the new owner is expected to take place within the end of March 2012.

Sale of the vessels will give a booked loss of approx. NOK 11.5 million in the 1^st quarter 2012.

Contacts:
CEO Karl-Johan Bakken - tel. +47 901 05 697
CFO Torstein Stavseng -   tel. +47 911 07 001

After the sale of Lady Audrey and Lady Valisia Farstad Shipping's fleet consists of 54 vessels (30 AHTS, 21 PSV and 3 SUBSEA) and 6 PSV and 2 AHTS under construction. The company's operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1990 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.

Source: Farstad Shipping