Farstad Shipping - Charter Agreements

24-11-2008

Farstad Shipping announces the following new charter commitments:

ConocoPhillips has awarded the AHTS Lady Sandra (KMAR 404, 1998, 16.100 bhp) a charter for a period of minimum 225 days with options to extend the charter with another 115 days. The vessel will support ConocoPhillips' drilling program in Australia with the semi-submersible rig Sedco 703. Start up of the contract is the end of November.

Talisman has exercised 12 months options in direct continuation of their current charter of the PSV Far Supporter (UT 750, 1996, 4.680 dwt). The vessel will continue to work out of Aberdeen.

Total value of the contracts is between NOK 100 million and NOK 125 million, depending on options.

Farstad Shipping's fleet currently consists of 51 vessels (23 PSV and 28 AHTS) and 6 vessels (4 AHTS, 1 PSV, 1 CSV) under construction at Norwegian yards. The company's operations are run from Ålesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1550 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.

Farstad Shipping