Farstad Shipping ASA : Cancellation of agreement regarding sale of vessel

In press release of 4 July 2011 we informed that Farstad Shipping ASA, through its wholly owned subsidiary P/R International Offshore Services ANS, had reached an agreement to sell the PSV vessel 'Lady Christine' (1985, ME 202, 2.368 DWT). Delivery of the vessel to the new owner was expected to take place in October 2011. The buyer has not fulfilled the contractual obligations within the agreed time limit. As a consequence we have decided to cancel the agreement, and the vessel will continue to work the spot market out of Singapore. Contacts: CEO Karl-Johan Bakken - tel. +47 901 05 697 CFO Torstein Stavseng -   tel. +47 911 07 001 Farstad Shipping's fleet currently consists of 57 vessels (32 AHTS, 22 PSV and 3 SUBSEA) and 6 PSV and 2 AHTS under construction. The company's operations are managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1970 employees engaged onshore and offshore. The company's strategy is to be a leading quality provider of large, modern offshore service vessels to the oil industry. The company maintains a long-term charter profile for the fleet. www.farstad.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Farstad Shipping ASA via Thomson Reuters ONE [HUG#1559516]