FAR – Charter Agreements

Farstad Shipping has been awarded the following Charter Contracts: Statoil has declared their option to extend the contract for PSV Far Searcher (2008, UT 751E, 4.755 DWT) for periods of totally 2 years, with start up during March 2010. Statoil has also declared their option to extend the contract for PSV Far Symphony (2003, P105, 4.929 DWT) for 1 year, with start up during April 2010. The extentions are made on a lower rate level than existing contracts. Petrobras, Brazil has awarded one of our large new AHTS (UT 731 CD, 22.000 BHP) a 2 year contract commencing 25(th) February 2010. AHTS Far Santana (2000, UT 730, 19.200 BHP), already located in Brazilian waters, will service as a front runner until June 2010. Total value of the contracts is approx. NOK 390 mill. Contacts: CEO Karl-Johan Bakken ? tel. +47 90 10 56 97 CFO Torstein Stavseng ?   tel. +47 91 10 70 01 Farstad Shipping?s fleet currently consists of 56 vessels (29 AHTS, 24 PSV and 3 SUBSEA) and 2 AHTS under construction at Norwegian yard. The company?s operations are run from Aalesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1700 employees onshore and offshore. The company?s strategy is to be a major international supplier of large, modern offshore service vessels to the oil industry.  We also remain committed to solid long-term charter profile for the fleet. www.farstad.com This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) [HUG#1370705]