Farstad Enters Long-Term Charter with Arrendadora

Wednesday, June 11, 2003
The Mexican offshore service company Arrendadora Ocean Mexicana SA is nominated as winner of a maintenance contract for the oil company Pemex in Mexico. This contract is based on the utilisation of two of Farstad's vessels, and Farstad Shipping ASA will as a consequence enter into a long-term charter with Arrendadora Ocean Mexicana SA for Far Scotia and Far Swift, each for 3.3 years. Total contract value for Fartad Shipping ASA is approx. NOK 225 million, and both vessels will commence operations in August/September. Far Scotia and Far Swift are both platform supply vessels (PSV) of the UT 755 design. Far Scotia will finish a two year contract for ASCO in July, while the newbuild Far Swift will be delivered from the yard (Brevik Construction AS) early in the same month. Both vessels will start operations after installation of an extra accommodation module, additional equipment and mobilization for Mexico.

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