Farstad Shipping News

Solstad Offshore, a Norwegian offshore vessel owner, said Tuesday it had sold the platform supply vessel Far Swan.The company, which last year said it would trim its fleet to make it more competitive, with a plan to divest 37 vessels "over a period of time," said  it had delivered the Far Swan to the new owner on November 16th, 2021."The sale of the vessel will result in an immaterial accounting effect for Q4 2021," Solstad Offshore said. The vessel was sold by Solstad Offshore's subsidiary Farstad Shipping.

The new ship owning company Sverre Farstad & Co has taken ownership of a 2016-built platform supply vessel (PSV), marking a return for the Farstad name in the Norwegian offshore sector.Farstad was one of the parties behind the June 2017 three-way merger of Norwegian ship owners Solstad Offshore, Farstad Shipping and Deep Sea Supply. The new company had been called SolstadFarstad, but the Farstad name was dropped in October 2018 when the company changed its name to Solstad Offshore.Now the Farstad family is returning to the offshore support vessel (OSV) business with Blue King…

Canadian based Horizon Maritime announced it has taken delivery of the newly rebranded support vessel Horizon Arctic, paving way for the establishment of its new Norwegian operation.The former Bourbon Arctic, now sailing under the name Horizon Arctic, is a technically versatile multi-function offshore support vessel built at the Vard Brattvaag shipyard in 2016.“The Horizon Arctic takes its place alongside Horizon Maritime’s growing fleet of harsh environment vessels, and we are…

The Isle of Man Department for Enterprise has announced the appointment of Cameron Mitchell as the next Director of the Isle of Man Ship Registry. He will start his post from 1st April 2019.Cameron has a strong history in the shipping industry working with leading operators Maersk, Geest Line and Farstad Shipping for over 10 years as an engineer.Cameron has also held various roles at the Isle of Man Ship Registry, working as a surveyor for 9 years before taking over as Deputy Director in 2018. Cameron has also worked on a number of projects across government with a focus on delivering performance and quality improvement.Laurence Skelly MHK, Minister for Enterprise, said: "I am delighted with the appointment of Cameron Mitchell as the new Director of the Isle of Man Ship Registry.

Following the path of oil prices, consolidation also follows myriad financial crises. What happens next isn’t altogether clear, but the long, deep trough for offshore energy may finally be in our choppy wake.In mid 2017, financial turnaround and financial repairs specialist Alix Partners made a bold statement regarding the beleaguered Offshore Service Vessel (OSV) marketplace. In a July 2017 report, following an analysis of 44 participants in the business, the restructuring team wrote: “The industry faces grave financial pressure…

SolstadFarstad and Yxney Maritime AS have completed a pilot project to develop and roll out the fuel efficiency and emission reduction software MarESS. During the pilot, the combination of MarESS and skilled crews generated significant fuel savings for SolstadFarstad and their clients, leading to the contract for implementation for the entire fleet. “SolstadFarstad’s work with the SolstadFarstad Green Operations campaign is taken to the next level with MarESS,” says Tor Inge Dale, COO in SolstadFarstad. The merger of Solstad Offshore, Farstad Shipping, Deep Sea Supply and REM Offshore created the world’s biggest owner of advanced vessels in the supply, anchor handling, construction and renewable segments, with 147 vessels in total.

Ulstein, now a century old, has spent the last 100 years looking to the future. Since its formation on August 9, 1917 in Ulsteinvik, Norway, the family-owned shipbuilder, designer and systems supplier said it has focused on tomorrow’s opportunities today. Over the years, Ulstein has evolved through innovation and pioneered trailblazing solutions, driven by its desire to meet shifting customer demands, commercial openings and market challenges head-on. There isn’t much that remains the same in a century of operation…

Solstad Farstad, which claimed to be the world’s largest OSV firm, has sold a relatively new AHTS vessel Far Shogun, since its formation last month following the mega-merger of three leading OSV companies in Norway. The 2010-built, 23,664-bhp Far Shogun has been delivered to the unnamed new owner on Thursday, Solstad Farstad announced. "Wholly owned subsidiary Farstad Supply AS has sold the AHTS Far Shogun to an undisclosed buyer for an undisclosed price. The delivery of the anchor handling tug and supply vessel Far Shogun to the new owner took place on Thursday, July 13," said the company. Solstad Farstad says the sale of the vessel will result in an immaterial accounting effect for third quarter 2017.

The global offshore supply vessel market is forecasted to grow at a CAGR of 6.03 percent during 2016 – 2021, according to Azoth Analytics research report. The growth in offshore supply vessels is expectect to be driven by rise in demand for oil and gas globally, increase in offshore drilling activities and growth in production and exploration activities. Moreover, companies operating in this market are focusing on investments in R&D for continuous innovation and strengthening their positions in the market by targeted acquisitions and product expansions. Bourbon, Tidewater Inc., Maersk Supply Services, Edison Chouest Offshore, SIEM offshore Inc., Farstad Shipping ASA are the major players in the market.

Norwegian OSV companies Solstad Offshore, Farstad Shipping and Deep Sea Supply have signed off on merger plans first announced on February 6, 2017. The statutory merger plans have been approved and signed by the boards of Solstad, Farstad, DESSC and Solstad’s relevant subsidiaries, into which Farstad and DESSC will be merged. Deep Sea Supply and Farstad Shipping will merge into and be established as individual subsidiaries under Solstad Offshore, with shareholders of Deep Sea Supply and Farstad Shipping receiving shares in Solstad Offshore as consideration. Each of Solstad, Farstad and DESSC will immediately after this release also issue a separate release which will contain the relevant technical details on the mergers.

Debt-laden Farstad Shipping gets lifeline; billionaires Fredriksen and Roekke join forces. Hit by the oil industry recession, Norwegian offshore service vessel (OSV) operators Farstad Shipping, Deep Sea Supply and Solstad Offshore announced plans to merge on Monday to counter the downturn. Under the deal Farstad is to complete a financial restructuring via a debt-for-equity swap and new share issue, and will then be merged with Deep Sea Supply and Solstad Offshore, controlled by Norwegian billionaires John Fredriksen and Kjell Inge Roekke respectively. With a combined fleet of 154 ships, the new combined company, Solstad Farstad, will be the biggest owner of large vessels in the supply…

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. * CEO says Oct. * Farstad shares down 4.7 pct to 8.9 crowns at 1004 GMT compared to a rise of 0.5 pct in Oslo's benchmark share index.

A joint development project (JDP) between DNV GL, Statoil and Farstad Shipping has demonstrated that offshore supply vessels (OSV) can save up to 21,000 Euros on their annual fuel bill, by running the vessel at optimal trim. The project partners carried out a comparative study in the North Sea to document potential energy savings created by using DNV GL’s trim optimization tool ECO Assistant on a platform supply vessel (PSV). “Even if our modern PSVs are highly fuel efficient due to advanced hull designs as well as innovative engine- and propeller configurations, it is interesting to observe how much impact operational considerations such as trim optimization has on the energy consumption”,says Børge Nakken, Vice President – Technology & Development, Farstad Shipping Norway.

Ballast water treatment (BWT) specialist Optimarin has signed a contract with Saga Shipholding for the provision of three of its Optimarin Ballast Systems (OBS). The order marks a new chapter in the working relationship between the two, with Saga originally purchasing an initial 26 systems from Optimarin in 2012. According to Nils Otto Bjorhovde, Saga Shipholding’s Hong Kong-based Technical Manager, it’s the performance of those systems to date that persuaded the firm to return for more: “We spent 2011 evaluating the entire BWT market,” Bjorhovde said.

With its latest succession of contracts won, ballast water treatment (BWT) specialist Optimarin reports it has now sold more than 400 of its environmentally friendly UV-based systems. Optimarin said 2016 has been a boom year for a company that installed the first ever commercial BWT system back in 2000. Optimarin Ballast System (OBS) orders have been confirmed with Atlantis Tankers (10 units) and Sinopacific Shipbuilding Group (nine), while the firm also made its first foray into fishing, with a contract for the Fisherman’s Finest vessel America’s Finest.

Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, sold the AHTS Far Sea (1991, ME 303 II, 13,219 BHP). Delivery of the vessel to the new owner took place Thursday 3 March 2016. The sale of the vessel gave a book loss of NOK 32 million, whereof NOK 30 million is booked as impairment in the 4Q 2015 accounts. After the sale of Far Sea Farstad Shipping’s fleet currently consists of 57 vessels (29 AHTS, 22 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. The company’s operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2,100 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.

A glut of offshore supply vessels and falling demand from oil firms will trigger a restructuring of the still-fragmented industry, two of the largest owners of the specialty ships told Reuters on Tuesday. With crude prices down more than 70 percent since mid-2014, energy firms have sharply cut their exploration spending, leaving a rising number of vessels to be mothballed. Norwegian supply vessel owners Farstad Shipping and Havila Shipping both said they expect to see mergers take place, echoing the sentiment of competitor Solstad Offshore , which said last week it too expects consolidation.

Optimarin has consolidated its position within the EX approved ballast water treatment (BWT) segment with a 10 vessel contract from Atlantis Tankers Group and its management arm Armona Denizcilik, the company announced. The Norwegian BWT specialist will now provide its solution to two newbuildings and the eight existing vessels in the Turkish controlled fleet. Optimarin is the first UV system supplier to pass the USCG’s marine water tests, with full USCG approval expected this spring.

Norwegian provider of offshore service vessels for the oil and gas industry Farstad Shipping ASA has entered into two charter contracts in Brazil. Both vessels were hired by the Brazilian state-owned oil and gas company Petróleo Brasileiro, more commonly known as Petrobras. Petrobras has awarded the PSV Far Strider (1999, VS 483, 4,709 DWT) a 4 year contract with expected commencement in April 2016. Petrobras has also awarded the AHTS BOS Turquesa (2007, UT 722 L, 18,088 BHP) a 1 year contract with a further 1 year option. The vessel has commenced the contract. "This is positive for the company, and a confirmation that we are succeeding in a demanding market," says Karl-Johan Bakken, CEO of Farstad Shipping ASA.

Ballast water treatment (BWT) specialist Optimarin said it has become the first UV system supplier to meet USCG marine water requirements, positioning the Norwegian company for full USCG approval in 2016. In a series of land-based tests, both the standard MPN (regrowth) method and the more exacting FDA/CMFDA, or ‘instant kill’, benchmark were successfully assessed, the company said. Optimarin’s system utilizes UV irradiation and back-flushing filters to wipe out invasive organisms that stow away in ballast.

Norway’s Farstad Shipping ASA has seen red in the second quarter of 2015 as impairments and currency losses drove the company into a loss. Farstad’s profit after taxes (PAT) was negative NOK 119.5 million, versus positive PAT of NOK 46.7 million a year earlier. Furthermore, first-half (1H 2015) profit after taxes was negative NOK 423.8 million, compared to positive PAT of NOK 126.2 million in 1H 2014. The operating income at 30.06.15 was NOK 2,101.9 million. The operating profit (EBIT) was NOK 94.6 million. The profit after taxes was negative NOK 423.8 million. Farstad Shipping’s fleet currently consists of 62 vessels (31 AHTS, 25 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction.

Norway's Maritime Partner is set to reach a landmark in its history as it completes the construction of its 2000th vessel since founding in 1994. Maritime Partner CEO Peder Myklebust said the Aalesund based company is ‘immensely proud’ that its 2000th boat will be delivered to its long standing client and fellow Norwegian company the shipbuilder Kleven. The 2000th boat is part an order Kleven placed in December 2014 for six Seabear 23 MkIIIs and six Macgregor AC38 davits. The…

Rolls-Royce would like to congratulate Farstad Shipping ASA for their recently named highly advanced subsea and construction vessel Far Sleipner. The event also marks the first delivery of a vessel equipped with the latest generation dynamic positioning system DP3 from Rolls-Royce. Designed and built by Vard (Vard 3 07), the vessel is equipped with Rolls-Royce bridge controls, DP3, engines and propulsion. Børge Nakken, Farstad Shipping, Vice President Technology & Development, said: “The DP3 positioning system onboard Far Sleipner ensures that the vessel stays in position, even in the event of an unforeseen situation, for instance if one out of two separate machinery systems fails.