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. This vessel has operated for Shell in Norway since 1993, but in connection with the extension, the contract for Far Fosna has been transferred from Shell Norway to Shell UK. Far Fosna is an anchorhandling vessel of 14.400 BHP built in 1993 to operate on the Draugen field. Total contract value for the firm period for the two platform supply vessels and the extension of the contract for Far Fosna is approx. NOK 162 million.