Farstad Finds Work Off Australia

Photo: Farstad Shipping
Photo: Farstad Shipping

Norwegian offshore service vessel owner Farstad has announced it has been secured work for a total of six vessels offshore Australia.

The company said Friday it has received a LOI from ConocoPhillips Australia Exploration to charter the two AHTS Far Sirius and Far Saracen to support their upcoming Barossa drilling campaign due to commence in January 2017.

McDermott Australia meanwhile has awarded the PSV Far Seeker a contract for a period of 40 days plus option for 40 more days due to commence this month. McDermott has also awarded two AHTS contracts to assist with the mooring operations of the INPEX-led Ichthys LNG Project’s FPSO and processing facility. This is due to commence within Q2 2017.

In addition, the Ichthys LNG Project has also extended the contract for the AHTS Far Sword by an additional 17 months starting from March 31, 2018.

“This is a clear demonstration of the ongoing standing of Farstad Shipping within Australia as the market leader and provides the Australian operations with a strong foundation heading into 2017,” says Karl-Johan Bakken, CEO of Farstad Shipping ASA.

In November Farstad announced has signed off on a restructuring plan that will result in a holding group of Siem Industries becoming 50.1% majority owner in the company.

Farstad Shipping’s fleet currently consists of 55 vessels (27 AHTS, 22 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction