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    Norwegian firm provides update on status of fleet

    Projects and Operations // May 24, 2002
    Farstad, the Norwegian operator, has provided Offshore Shipping Online with an update on the status of its fleet.

    The anchor handling tug supply vessel Far Saltire, a UT 728 design, was delivered by Ørskov Christensens Staalskibsværft AS in the middle of March, and the vessel has since traded in the spot market in the North Sea.

    The platform supply vessel Lady Grace, a UT755L, was delivered by Brevik Construction AS to IOS in March. The vessel departed for Australia to enter a seven year contract with the oil company Woodside.

    In March Far Scotsman left the North Sea for Australia where the vessel started a two year contract with Phillips Petroleum Pty. During this charter, Far Scotsman has been chartered into IOS from Farstad on a bareboat contract. At the same time Far Viscount left the North Sea for Brazil. The vessel has been awarded a two year contract with Petrobras. Far Sovereign, contracted to EMC, has been transferred from the Gulf of Mexico to Vietnam in connection with EMC's pipelaying programme.

    Brazil Offshore Services (BOS), which is a 50-50 Joint Venture between Farstad Shipping ASA and Petroserv SA, has received the first of three contracts - each of eight years duration - from Petrobras for three different classes of anchor handling vessels(the vessels have to be newbuildings and fly the Brazilian flag).

    The Board of Petrobras has awarded BOS one contract for the largest class of anchor handler, and contracts for the other two classes are due to be awarded by the end of May.

    Farstad notes that IOS-owned vessels in the Far East/Australia have enjoyed a high level of utilization during the quarter.

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