FAR - Charter Agreements

Farstad Shipping announces the following new charter commitments: Petrobras, Brazil, has contracted PSV Far Supporter (1996, UT 750, 4.680 DWT) for a period of 3 years, with start up during the 1st quarter 2010. Peterson SBS has extended the contract for PSV Far Splendour (2003, P106, 3.503 DWT) for 1 year plus 2 x 1 years options. Start up is 29th Dec 2009. Petrobras, Brazil, has contracted AHTS Far Sabre (2008, UT 712L, 15.900 BHP) for 240 days. The contract has recently started. Total value of the contracts is approx. NOK 255 million. Contacts: CEO Karl-Johan Bakken - tel. 90 10 56 97 CFO Torstein Stavseng - tel. 91 10 70 01 Farstad Shipping's fleet currently consists of 56 vessels (24 PSV, 29 AHTS and 3 SUBSEA) and 2 AHTS under construction at Norwegian yards. The company's operations are run from Ålesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1.700 employees onshore and offshore. The company's strategy is to be a major international supplier of large, modern offshore service vessels to the oil industry. We also remain committed to solid long-term charter profile for the fleet. www.farstad.com This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.