Platform Supply Vessel Deals Awarded to Farstad

Published at 03:35PM - 15/08/16

Norwegian Farstad Shipping has been awarded a string of new platform supply vessel (PSV) charter agreements, the company informed.

The offshore shipping company was awarded a contract by BG Tanzania and a contract extension from a company that remains to be named.

“The above contracts show the attractiveness of our PSV 08 series for both exploration and production support in various geographical areas, and we appreciate the confidence shown by our clients to Farstad Shipping in the prevailing challenging market conditions,” Farstad Shipping CEO, Karl-Johan Bakken, said.

Platform Supply Vessel Deals Awarded to Farstad

The first set of contracts was awarded by BG Tanzania for Farstad Shipping’s PSV Far Skimmer, PSV Far Starling and PSV Far Sitella.

The contracts will provide for BG Tanzania’s drilling operations off the coast of the East African country.

The agreements are expected to commence in October this year and will cover one well, with options for another four wells.

Platform Supply Vessel Deals Awarded to Farstad
Farstad Shipping Far Skimmer Platform Supply Vessel (PSV)

The second deal involves an international oil company that is extending the contract for PSV Far Spica until March 2017 with additional options for seven months.

The PSV Far Scotsman has also been awarded a firm period until March 1 2017 by the same unidentified client.

Both of the contracts are expected to take place in October 2016, the company informed.

Farstad Shipping Boosts PSV Fleet Contracts

“The commercial terms of the agreements will be kept private and confidential between the parties,” Farstad Shipping informed.

The company’s fleet currently consists of 57 vessels and one subsea vessel, which is still under construction.

The company operates from Australia, Singapore and Brazil.

Earlier in July, the company announced in its first quarter results that it was pursuing options to strengthen its financial position and capital structure.

On a first phase of its financial restructuring, the company entered an agreement to postpone all amortisations falling due, although it would continue its operations in their ordinary course.