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    Far Scandia and Lady Kari-Ann secure term contracts

    Contracts, Tenders and Rates // January 23, 2004
    Farstad Shipping has been awarded two five year contracts by Esso Australia for the provision of two dynamic positioning platform supply vessels (Far Scandia and Lady Kari-Ann) to support Esso's production operations in Bass Strait, Australia. The contract value is approximately NKr350 million (A$70 million) and was scheduled to start in mid January upon the delivery of the Far Scandia to Esso's Barry Beach Marine Terminal.

    Farstad Shipping has recently completed an earlier support contract to Esso in Bass Strait (also five years duration) with the vessels Lady Elizabeth and Lady Kari-Ann. The latter vessel will remain on as part of the two vessel service whereas Lady Elizabeth is expected to rejoin the Australasian market in late January. To cover the potential of Esso's vessel needs changing over the five year term, early termination provisions exist with related compensation.

    This will bring the total number of offshore support vessels Farstad Shipping has in the Indian Pacific region to 18, including seven PSVs, and strengthen the company's presence in the region, which in the third quarter of 2003 accounted for 37 per centof Farstad Shipping's total freight income.

    With the delivery of the latest PSV to join the company's fleet, Far Splendour (a P106 from Ulstein Verft), the Group's fleet will stand at 49 vessels, all 100 per cent owned.

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