Far Scandia and Lady Kari-Ann secure term contractsContracts, Tenders and Rates // January 23, 2004
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.