The world's largest high-end offshore service vessel company was created Wednesday with the completion of the mergers involving former Norwegian offshore shipping companies Farstad Shipping, Deep Sea Supply and Solstad Offshore, with the latter being the surviving entity. The new company, named Solstad Farstad ASA, will operate out of Skudeneshavn, Norway with a fleet of 152 … [Read more...]
Farstad AHTS’ Land Offshore Fish Farm Contract
Norwegian offshore company Farstad Shipping announced it has picked up an aquaculture contract for its AHTS vessels. The company said Friday it was awarded a contract from Ocean Farming AS, a subsidiary of SalMar Group, for the complete mooring installation and hook-up of Ocean Farming’s Semi-submersible Offshore Fish Farm. The scope of the project involves project … [Read more...]
Farstad Shipping in Restructuring Deal with Investor Siem
Norway-based offshore services company Farstad Shipping on Thursday announced the outline for comprehensive financial restructuring with Siem and its secured lenders. Here is the rundown from Reuters: Nov 24 (Reuters) - Farstad Shipping ASA : * Announces outline for comprehensive financial restructuring with Siem and its secured lenders * Will issue a minimum of 702 … [Read more...]
Farstad Shipping to Lay Up Five Vessels
Farstad Shipping said Friday it is planning to lay up two platform supply vessels and three anchor handling tugs in Norway, marking the latest casualty of the weakened offshore market that is only expected to get worse. Farstad says that as a result of the lay ups approximately 100 offshore employees, mostly of Norwegian nationalities, will be laid off. … [Read more...]
gCaptain Exclusive: Interview With Farstad CEO Karl-Johan Bakken
Karl-Johan Bakken, Chief Executive of Ålesund-based Farstad Shipping (OSE: FAR), got his start in the maritime industry in the mid 1980s as a naval architect at the Ulstein Group, where he learned under the mentorship of Chief Designer Sigmund Borgundvaag. During that time, the offshore sector grew rapidly and Ulstein’s growth progressed in lock step with one of the … [Read more...]
Farstad Gains 13 New OSV Charter Contracts
Farstad Shipping, the Norway-based OSV operator announced 13 of their company's vessels gained a total of NOK 525 million in new charter contracts today. The contracts are spread globally and include South Africa (Total E&P), Brazil (Petrobras), Russia (Gazprom), Australia (Shell Australia), Thailand (PTTEP) and Sinopec. The following are details on the contracts, via … [Read more...]
Farstad Shipping Announces Sale and Leaseback of Pair of AHTS’
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 … [Read more...]