Farstad Shipping ASA - Charter Agreements

11 januari 2013 Farstad Shipping ASA has been awarded the following charter contracts: Statoil has awarded contracts to PSV Far Spica (2013, PSV 08 CD, 4,000 DWT) and PSV Far Scotsman (2012, PSV 08 CD, 4,000 DWT) to support the Statoil drilling campaign on the coast of East Africa. Commencement is expected to take place in April 2013. The duration of the contracts will be approx. 9 months, with a further 9 month option. Both vessels will leave the North Sea during the month of March. Technip UK has awarded PSV Far Star (1999, UT 745, 4,403 DWT) a 60 day contract with a 30 day option, to support the Technip activities in Brazil. Far Star has already left the North Sea. Perenco Petroleo e Gas do Brasil has awarded a 12 month contract with a 6 month option to AHTS Far Sagaris (2009, UT 731 CD, 24,000 BHP) to support the Ocean Star drilling campaign in Brazil. Commencement of the contract is expected to take place during 1(st) quarter 2013. Fugro RUE AS in Norway has awarded the IMS vessel Far Saga (2001, UT 745 L) a 6 month contract with options thereafter. Commencement is set to mid-February. The contract includes ROV support operations and other subsea related activities in the North Sea. Petrobras has declared their 292 day option to extend the contract for the AHTS Far Sea (1991, ME 303 II, 13.200 BHP). Total value of the contracts, excluding options, is approx. NOK 320 mill. after deduction of local taxes. The above contracts give us the opportunity to mobilise three PSV out of the North Sea. This will have a positive impact on the market balance in the region. Farstad Shipping has recently also mobilised AHTS Far Sabre from the North Sea to Australia. Contacts: CEO Karl-Johan Bakken - tel. +47 901 05 697 CFO Torstein Stavseng -   tel. +47 911 07 001 Farstad Shipping's fleet currently consists of 55 vessels (28 AHTS, 24 PSV and 3 SUBSEA) and 5 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 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 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#1669861]