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Farstad Shipping Asa News

31 Mar 2017

Offshore Supply Vessel Market to Grow 6% by 2021

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.

24 Mar 2017

Norway's Solstad Offshore, Farstad Shipping and Deep Sea Supply Agree Merger

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.

05 Mar 2016

Farstad Sells AHTS

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.

27 Jan 2016

Farstad Bags Petrobras Contract

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.

21 Aug 2015

Farstad Shipping Dives into Loss

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.

09 Apr 2015

Rolls-Royce Delivers Far Sleipner

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.

12 Dec 2014

Farstad to Perform Subsea Support for Technip

Farstad Shipping ASA has been awarded a five-year framework agreement by Technip Norge AS for delivery of ROV support operations, light construction work, IMR and other subsea related activities.   The agreement gives Technip the right to utilize the vessel up to 320 days per year, and to extend the contract with a further up to five-year period. Commencement of the framework agreement will be first quarter 2017.   To fulfill the contractual obligations Farstad Shipping ASA will enter into an agreement to build one subsea/IMR vessel. The vessel has been developed and designed in close cooperation with Technip to support IMR activities with crane capacities up to 150 tons.   Farstad Shipping is in final negotiations with a yard about the shipbuilding contract.

25 Jul 2014

Farstad Offshore Vessel Squadron Chartered Out

Inpex has awarded contracts to AHTS Far Sword (2006, UT 712 L, 14.700 BHP) and AHTS Far Stream (2006, UT 712 L, 14.700 BHP). Commencement is expected to take place in November 2014. The duration of the contracts will be approx. 40 months, with further up to 24 months options. In addition the PSV Far Seeker (2008, UT 751 E, 4.905 DWT) has been awarded a contract by Inpex with commencement expected to be in November 2014. The contract is for a firm duration of 18 month with further up to 24 months options. The vessel is for the time being traded in the North Sea. Woodside Energy Ltd. has awarded AHTS Far Sirius (2014, UT 731 CD, 24.400 BHP) a 16 month contract, with further up to 18 months options. Commencement is expected to take place in October 2014.

25 Sep 2013

New Mel-C Electrical Steam/Hotwater Boiler to Vard Singapore

The PSV vessel is of VARD 1 08 design and will be delivered to owner Farstad Shipping ASA in Autumn 2014.

Parat Halvorsen as has been rewarded a new contract with Vard Singapore Pte. Ltd for their NB792, a Platform Supply Vessel to be constructed at their shipyard Vang Tau in Vietnam. The 1250kW electric boiler will be delivered as a combined Hot Water & Steam Boiler. Parat will deliver a complete boiler plant consisting of all necessary equipment for tank heating (fulfilling the NOFO 2009 requirements) and in addition also the hot water supply for central heating and domestic water system.

14 Feb 2013

Farstad Orders New OSCV

A Farstad Vessel on Duty: Photo credit Farstad

Farstad Shipping ASA subsidiary, Farstad Supply AS, contracts with STX OSV AS for an Offshore Subsea Construction Vessel (OSCV). 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 is due to take place in the first quarter of 2015. The vessel is a STX OSV OSCV 07 design OSCV  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.

14 Jan 2013

Offshore Vessel Charters for Farstad

Farstad OSV: Image credit Farstad Shipping

Farstad Shipping ASA has been awarded charter contracts with a value of about US$ 58-million. Statoil has awarded contracts to PSV Far Spica (2013, PSV 08 CD, 4,000 DWT) and PSV Far Scotsman (2012, PSV 08 CD, 4,000 DWT) to support the Statoil drilling campaign on the coast of East Africa. Commencement is expected to take place in April 2013. The duration of the contracts will be approx. 9 months, with a further 9 month option. Both vessels will leave the North Sea during the month of March.

18 Sep 2012

Vietnam Shipyard Delivers Farstad OSV

'Far Skimmer': Image credit Farstad Shipping

Offshore Service Vessel 'Far Skimmer' delivered from STX OSV Vung Tau in Vietnam to Farstad Shipping Pte. Ltd. in Singapore. Upon arrival in Australia, the vessel will commence its long term commitment to Shell Australia related to their Prelude drilling campaign. A long-term facility has been drawn with Nordea Bank to finance the vessel. Farstad Shipping Pte. Ltd. in Singapore, is a wholly owned subsidiary of Farstad Shipping ASA. Farstad Shipping's fleet currently consists of 55 vessels (29 AHTS, 23 PSV and 3 SUBSEA) and 6 PSV and 4 AHTS under construction.

02 Jul 2009

Nor-Shipping 2009 Defies Economic Downturn

Nor-Shipping 2009 was the largest in the event’s history, dating back to 1967. 1105 exhibitors from 52 countries participated. By comparison, Nor-Shipping 2007, which took place in the midst of a market boom, had 830 exhibitors from 42 countries. The Leading Voices conference that opened Nor-Shipping 2009 on Tuesday, June 9 got the show off to a favorable start. Attended by Norway’s King Harald V, the conference featured leaders of global stature, including IMO Secretary-General Efthimios Mitropoulos, and Richard Fain and Wilh. Wilhelmsen of Royal Caribbean Cruises Ltd.

17 Jun 2009

NorShipping ‘09 a Success

When NorShipping 2009 closed on June 12, the organized had claimed a record numbers of visitors; a total of 15,999, along with a total of 17,780 exhibitor representatives (1105 exhibitors from 52 countries). Given the current status of the world economy and the prospects for a protracted recovery, it is a testament to the brand built in Oslo that NorShipping could command an increase in traffic of 15% versus 2007. “We believed that the market downturn would lead the maritime industry to think again how it reaches out to the market,” said Tollef Schiander, Director for NorShipping. “Companies concentrate their resources on those activities and marketplaces that get results. This year’s Nor-Shipping was more popular than ever.

03 Jun 2009

Nor-Shipping Clean Shipping Awards

Nor-Shipping organizers, in cooperation with Den Norske Veritas (DNV), announced the nominees for the first Clean Shipping Awards. Winners will be announced at Nor-Shipping 2009’s Opening Conference, scheduled for June 9. Working in cooperation with DNV, Nor-Shipping has established the Clean Shipping Awards, scheduled to be introduced at Nor-Shipping 2009’s Opening Conference. Selected by an independent jury, the Clean Shipping Awards cover three categories: Clean Sea, Clean Air, and Clean Innovation. In total, 60 companies were considered for the awards. The Clean Sea Award will be awarded to one company in recognition of superior efforts to limit discharges from ship to sea. The nominees are: Royal Caribbean Cruises Ltd.

05 Nov 2001

Farstad Receives Letter of Intent from Norsk Hydro

Farstad Shipping ASA, in co-operation with Stolt Offshore AS, has received a Letter of Intent from Norsk Hydro for a 5 year charter, plus 3 yearly options, for the newbuilding Far Saga, which was deliverd from Simek AS on 31st of October. The vessel, a large platform supply vessel (PSV) of design UT 745 L, will be a part of Stolf Offshore AS' contract with Norsk Hydro for underwater services. Far Saga will operate in a PSV role for Norsk Hydro until necessary outfitting and mobilization for underwater services is carried out. company's largest customers. Further this means that 6 of the 7 newbuildings ordered in year 2000 have now achieved long-term contracts. of year 2002. This work will take place outside the North Sea. The total value of the firm period of these contracts is approx.

02 Dec 2003

Farstad Shipping Awarded Charter Contracts

Farstad Supply AS has been awarded charter contracts for Far Strider and Far Superior for one year with two one-year options for each of the vessels. The contracts are for Team Marine in Aberdeen for whom the vessels have operated for five and two years respectively. The existing contracts end in December (Far Superior) and January (Far Strider). The new contracts will start in January 2004. Both vessels are platform supply vessels and Far Strider was built in 1999, and Far Superior in 1990. In addition Farstad Shipping ASA has also reached an agreement to extend the contract for Far Fosna for three years from October 2005 till October 2008.

28 May 2002

Farstad Gets Contract

Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, signed a contract with Brevik Construction AS for delivery of a platform supply vessel in July 2003. The vessel is of design UT 755L.

15 May 2002

IOS To Purchase of Platform Supply Vessel

P/R International Offshore Services ANS (IOS), which is a 50/50 joint venture between Farstad Shipping ASA and P & O Australia has entered into an agreement to purchase a platform supply vessel, design UT 755L, from Consensus Foss KS (Det Nordenfjeldske Dampskipsselskap). The vessel is under construction at Aker Brattvaag. IOS will formally take over the vessel immediately after delivery from the yard in December 2002. After the delivery of the above vessel IOS will operate a fleet of 17 vessels and have three vessels on order for delivery in 2003.

02 May 2002

Farstad Gets Contract for Platform Supply Vessel

P/R International Offshore Services ANS (IOS), a company owned 50 percent by Farstad Shipping ASA and 50 percent by P&O, Australia, has signed a contract with Brevik Construction AS for delivery of a platform supply vessel in September 2003. The vessel is of design UT 755L. Presently IOS operates 15 vessels and has 3 vessels on order for delivery in 2003.

19 Dec 2001

Farstad Secures Charter Contracts

Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, been awarded charter contracts for the two anchorhandling vessels Far Crusader and Far Centurion by the Brazilian oil company Petrobras. These vessels are of the design ME 303 (13040 BHP) and built in 1983. The new charter period, of two years duration, begins after the expiry of the present contract to Petrobras March 2002. The total contract value is approximately $17 million.

28 Nov 2001

IOS Announce Charter Contracts

P/R International Offshore Services ANS (IOS), which is a 50/50 joint venture between Farstad Shipping ASA and P&O Australia, has contracted two anchor handling support vessels at the Simek AS yard in Norway. Delivery of the vessels will take place in March and July 2003. The vessels are a new type of UT 712 of 12,240 bhp with DP and a double drum 370 tonne winch for employment in international markets. IOS has also entered into a two year time charter with Phillips in Australia for the platform supply vessel (PSV) Far Scotsman commencing April 2002. from Farstad Shipping ASA for a minimum of two years. The Lady Audrey has been fixed for two wells + 2x1 well options to Shell Namibia from early January 2002. Lady Audrey is presently working for Shell in the Philippines.

06 Apr 2004

Norway: Teekay Seeks to Grow Suezmax Fleet

Expanding the Suezmax fleet and greater involvement in carrying oil products are among the ambitions being pursued by theTeekay Tanker Services (TTS) business unit of Teekay. "At the same time, we're working to expand our strong Aframax position," said TTS Vice President Peder Farmen, who heads the product transport sector of TTS from the group's Norwegian office in Stavanger. Teekay's conventional shipping operations in Norway have further diversified the company's fleet, the majority of which is comprised of Aframax vessels. Since Teekay's acquisitions of Bona Shipholding in 1999, Ugland Nordic Shipping in 2001 and Navion in 2002, Teekay has established itself as a leading tanker operator in the North Sea and Atlantic, in addition to the Pacific.