Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, reached an agreement with Ocean Yield of a sale and leaseback of two AHTS. The vessels, both UT 731 CD design, are under construction at Vard Langsten in Tomrefjord (previously STX OSV Langsten) for delivery ultimo March and May 2013 respectively.
The agreement with Ocean Yield implies an immediate sale of the vessels from Farstad Supply AS to Ocean Yield upon delivery of the vessels from the yard. The vessels will then be leased back to Farstad Supply AS on a 12 year bareboat charter. The agreement includes options for Farstad Supply AS to buy back the vessels. The parties have agreed to keep the commercial terms of the agreement confidential.