Farstad Shipping ASA - Ship of the year 2012

Farstad Shipping, winner of the "Ship of the year 2012" award Aalesund, Norway, 5 September. Farstad Shipping's groundbreaking new PSV Far Solitaire was today awarded «Ship of the Year 2012» by Skipsrevyen. - Being a value driven company, it is Farstad Shipping's goal to be a leading provider of quality services with considerable focus on safety, technology and environmental considerations. Far Solitaire delivers on all of these criteria, and we are honoured and very pleased to receive this acknowledgement, says Karl- Johan Bakken, CEO of Farstad Shipping. Farstad Shipping was also awarded the Ship of the Year Award in 2009 for the subsea vessel Far Samson. Far Solitaire is a platform supply vessel (PSV) specially designed to meet the increasing demand from the oil and gas industry for transport of noxious liquid substances (NLS products) to and from the offshore installations. Handling NLS products may entail hazard, and transportation is subject to strict regulations. Conventional offshore supply vessels are limited to transport maximum 800 cubic metres of NLS products at the time, which often may be considered insufficient for the petroleum companies. Farstad Shipping's latest addition to its fleet is in compliance with the requirements for chemical tankers (IBC Code 2 compliant) in this respect, and can carry more than 1 600 cubic metres of NLS products at the time. The jury has in particular emphasized the following: "Far Solitaire is the first PSV developed and built as an IBC Code 2 (chemical tanker) compliant offshore supply vessel, which is the main reason why the jury elected this vessel as Ship of the Year 2012. The vessel is capable of undertaking all aspects of offshore oilfield services, including transportation of unlimited quantities of noxious liquid substances. During the project development it has been paid strong focus to the impact on the environment the construction and operation of this vessel would cause through its lifespan. Other features highlighted by the jury are her wave-piercing bow design, the development of a new cargo rail crane concept for PSVs and the introduction of the frequency converter for the swing up thruster as power supply for shore power." Maritime cluster The vessel is developed by Farstad Shipping in close cooperation with Rolls Royce Marine Ship Technology Offshore and is built by STX OSV Langsten Yard in Tomrefjord, Norway. DNV (Det Norske Veritas) has also given important contribution in guidance and approvals. Therefore, Far Solitaire is a result of the close cooperation between multiple representatives within the maritime cluster in the western part of Norway. - The «Ship of the Year»-award is in many ways an award to the entire maritime cluster that Farstad Shipping is a part of, says Bakken. - We are building on the strong maritime traditions still existing along the coast of Norway, and the local commitment to innovation has created the foundation for the unique position Norwegian offshore companies enjoy globally. Unique design Far Solitaire is designed and built including a number of innovations in addition to the liquid cargo handling systems, which utilize submerged pumps and segregated piping systems to avoid mixing of different products. The vessel's hull shape has Rolls Royce's «Wave Piercing» bow design, which provide better seakeeping capabilities, increased comfort and reduced fuel consumption. Other innovations include among others new dual draglink cargo rail crane concept, engine and switchboard configuration to optimize fuel consumption, in addition to a new generation electric shore connection which will increase the utilization of renewable energy when the vessel is alongside in port. - The crew is paramount Far Solitaire will be delivered to Farstad Shipping in beginning of October 2012. The timing of her delivery does not overly concern Karl-Johan Bakken in spite of the current weak spot market. - This is a renewal of our fleet and a part of our long term strategy. It is our belief that these kinds of innovative, flexible and environmentally superior vessels will be increasingly important to the market, he says. The Farstad CEO is more concerned with securing the best crew possible. - Regardless of technological development, the people on board are our most important resource. Qualified and competent employees are becoming more and more important as vessels become more complex and advanced. Our ability to attract and retain highly qualified employees is the key to our success, Bakken says. For further information, please contact: CEO Karl-Johan Bakken - tel. +47 901 05 697, e-mail:karl- johan.bakken@farstad.com CFO Torstein Stavseng -  tel. +47 911 07 001,e-mail: torstein.stavseng@farstad.com Farstad Shipping's fleet currently consists of 54 vessels (29 AHTS, 22 PSV and 3 SUBSEA) and 7 PSV and 4 AHTS under construction. The company's operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2000 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. www.farstad.com Facts: About the "Ship of the Year" award * The «Ship of the Year»-award was established by the magazine Skipsrevyen. * The magazine's readers nominate candidates for the award. * This year's jury consists of Asle Strønen, the editor of Skipsrevyen, Rolf Sæther, former managing director of Norwegian Shipowners Association, Birger Skår, managing director of Norwegian Shipbuilders Sales and Marketing Organization, and Rikke Lind, former secretary of the Ministry of Trade and Industry. * The «Ship of the Year»-award has been distributed since 1997. About Far Solitaire * Built at STX OSV Langsten Yard and will be delivered to Farstad Shipping beginning October 2012. The hull is built by STX OSV Tulcea in Romania. * Main vessel parameters are length over all 91.60 metres, beam 22.00 metres, cargo deck area 1020 square metres and deadweight 5700 metric tonnes. * Designed according to requirements for chemical tankers (IBC Code 2 Compliant), defined by international Code for the Construction and Equipment of Ships Carrying Dangerous Chemicals in Bulk. * Holds capacity to transport more than 1600 cubic metres of NLS products. * Dedicated deep well pumps in all cargo tanks for NLS products rather than the conventional solution with common cargo pumps in pump room. * As the first vessel, it was decided to implement the new Rolls Royce "Wave Piercing" bow design, increasing comfort on board and reducing fuel consumption. * New cargo rail crane concept, having a dual draglink crane on SB side cargo rail, covering the full length of the cargo deck giving increased work area and stable horizontal movement. * Three main engines in combination with diesel electric propulsion, main electric switchboard split in three separate units and three separate thrusters forward have several advantages: Transit at economic speed with one engine efficiently running at the time, utilising optimal fuel consumption and efficient operation of selective catalytic converters. * A new generation electric shore connection has been developed, where shore power of any voltage and frequency can be used independently or continuous in parallel with the diesel generators. The result is increased utilisation of renewable energy when the vessel is alongside in port. * Deck illumination is based on energy saving LED fixtures. About Farstad Shipping ASA Farstad Shipping ASA is a leading provider of quality services to the international oil industry. The company has focused its operations on providing large, modern offshore support vessels and has a fleet of 54 vessels and 11 new buildings under construction. Farstad Shipping operates in Australia (app. 50 %), Brazil (app. 25 %) and the North Sea (app. 25 %). Farstad Shipping has been listed on the Oslo Stock Exchange since 1988. The company's head quarter is located in Aalesund in the western part of Norway. This is also the main hub for ownership and business development. Farstad Shipping continuously develops and strengthens the organization's other focus areas through operational offices in Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro. Farstad Shipping connects its offices through common global work processes. Farstad Shipping is a part of the maritime cluster in the western part of Norway. The actors in the region have deliberately focused on cooperation, exchange of ideas and openness. Advanced technology requires human competence. The company has about 2000 employees taking part of activities offshore and onshore. Farstad Shipping's main resource is its employees and their competence. The company has a long-term strategy and a strong focus on health, safety, environment and quality to meet future industry requirements as well as strengthen its competitiveness. Farstad Shipping invests significantly in safety improvements, skill development of employees offshore and onshore in line with the company's fundamental values. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Far Solitaire: http://hugin.info/45/R/1638866/527349.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Farstad Shipping ASA via Thomson Reuters ONE [HUG#1638866]