Farstad Orders Packages From Rolls-Royce
Brazilian state oil company Petrobras has awarded Brazil Offshore Services (BOS) long term charters to operate one vessel under the Petrobras 12 000 contract and another under the Petrobras 15 000 contract. BOS is a Brazilian joint venture company owned 50/50 by Farstad of Ålesund in Norway and Petroserve of Brazil. BOS in turn has selected Rolls-Royce design and equipment packages worth altogether about NOK 270 million for the two vessels. Both will be to the UT 722L design, but specifications vary to suit the two operating contracts, each of which has an eight year period. Estaleiro Itajai in Brazil has been chosen as the builder of these vessels, which will be of a very high standard. Deliveries are scheduled for 2005.
Farstad Confirms Contracts
Brazil Offshore Services (BOS), which is a joint venture between Farstad Shipping ASA and Petroserv SA, formally announced the contracts for three different classes of anchorhandling vessels, each of 8 years duration in the present Petrobras tender. With the first of three contracts awarded to BOS by Petrobas on April 15, 2002, it is now formally confirmed that BOS was awarded the other two contracts. Total contract value for the three contracts for Petrobras is approximately $183 million. The contracts are expected to start around the turn of the year 2005/2006.
Farstad Shipping Goes Big
Farstad Shipping ASA is a valued Norwegian owner/operator of offshore supply vessels, well regarded for its innovative approach but reliance on conservative values in relation to safety of ships and crew. The company, which has steadily built its fleet and reputation in the offshore sector since exiting the tanker business in 1973, has a decidedly neutral take on the future, though. "There is a lot of uncertainty right now, about how the industry will move forward," said Torstein L. Stavseng, Farstad's CFO. "We are entering a period where there is a lot of over-tonnage, which will require us to push into new fields. While the crystal ball may seem a bit cloudy, Farstad has proven in the past to be an astute evaluator of companies and markets in the past.
