Norway’s Farstad, Solstad, and Deep Sea Supply to Merge, Creating Offshore Supply Vessel Giant

By Gwladys Fouche and Jonathan Saul OSLO/LONDON, Feb 6 (Reuters) - The pace of consolidation in the crisis-hit shipping industry accelerated on Monday after three of Norway's biggest offshore oil industry service vessel (OSV) operators announced plans to merge to create one of the biggest fleets in the sector. Shipping tycoon John Fredriksen and Norwegian billionaire … [Read more...]

Farstad’s Restructuring Deal with Siem Falls Through

Norwegian shipping company Farstad Shipping announced Thursday a planned restructuring deal with Siem has been ended by its creditors, calling into question the future operations of the company.  The financial restructuring with Siem Oil Service Invest was outlined in late November and meant to strengthen the Farstad's balance sheet and liquidity amid the … [Read more...]

Farstad Finds Work Off Australia

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 … [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...]

Farstad Signs Newbuild Order with VARD

Following up on their newbuild plan and associated charter contract announced last week, Farstad Shipping has today chosen Vard Holding Ltd. for the shipbuilding project. Farstad's NOK 520 million (USD $70 million) Offshore Subsea Construction Vessel (OSCV) will be of Vard 3 17 design, and have a total length of 98 meters, beam of 21.5 meters, deck area of approx. 900 m² and … [Read more...]