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    Farstad secures more work in Far East

    Contracts, Tenders and Rates // July 23, 2004
    Farstad Shipping ASA has entered into a number of contracts for its vessels in Australia, New Zealand and Vietnam.

    The first contract, with Santos and Woodside, provides Lady Astrid and Lady Caroline with a firm period of nine months starting in the second half of September, with an option for 9-10 months. The vessels will be used in connection with drilling operations in the Bass Strait and on the northwestern coast of Australia supporting the drilling rig Jack Bates.

    The second contract is for the tow of the drilling rig Ocean Patriot from South Africa to New Zealand. This will be carried out by Far Grip and Lady Caroline. After arriving in New Zealand, Far Grip will continue to support the rig during its employmentthere, and later in Australia until September 2005.

    Lady Cynthia has had its contract with JVPC in Vietnam extended for 12 months starting in September 2004 when the existing contract expires. The agreement also includes an option for an additional year.

    Farstad Shipping said it has 20 of its 49 vessels in the Far East/Australia area, and all - with the exception of 3-4 vessels - are on period contracts to oil companies in Australia, New Zealand, Malaysia, Indonesia, Vietnam and the Philippines.

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