Farstad Shipping ASA - Contract for building of a subsea/IMR vessel

14 februari 2013 Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, reached an agreement with STX OSV AS to build one subsea/IMR vessel. This new building is part of Farstad Shipping's expansion into the subsea market and represents an investment of approx NOK 825 mill. Delivery of the vessel will take place 1(st) quarter 2015. The vessel is a STX OSV OSCV 07 design (Offshore Subsea Construction Vessel), and is designed for subsea and IMR operations (Inspection, Maintenance and Repair). The vessel has a total length of 143 meters, beam of 25 meters and a deck area of more than 1,800 m². The vessel is equipped with two offshore cranes, of which the larger one has a lifting capacity of 250 tons. Furthermore the vessel is arranged for 3 ROV (Remote Operating Vehicles) and has an accommodation arranged for 130 persons. The steel hull of the vessel will be built by STX OSV yard in Tulcea, Romania and outfitting will take place at STX OSV yard in Tomrefjord (Langsten). 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 57 vessels (28 AHTS, 26 PSV and 3 SUBSEA) and 3 PSV, 4 AHTS and 1 SUBSEA under construction. The company's operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2080 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. STX OSCV 07: http://hugin.info/45/R/1678334/547739.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#1678334]