Farstad Cancels Sale of PSV Vessel

In press release of 4 July 2011 Farstad informed that Farstad Shipping ASA, through its wholly owned subsidiary P/R International Offshore Services ANS, had reached an agreement to sell the PSV vessel ‘Lady Christine’ (1985, ME 202, 2.368 DWT). Delivery of the vessel to the new owner was expected to take place in October 2011.

The buyer has not fulfilled the contractual obligations within the agreed time limit. As a consequence Farstad has decided to cancel the agreement, and the vessel will continue to work the spot market out of Singapore.

Farstad Shipping’s fleet currently consists of 57 vessels (32 AHTS, 22 PSV and 3 SUBSEA) and 6 PSV and 2 AHTS under construction. The company’s operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1970 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. The company maintains a long-term charter profile for the fleet.1

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Source: Farstad, October, 31.  2011