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    Charter agreement for Farstad JV

    Contracts, Tenders and Rates // May 8, 2000
    International Offshore Services (IOS), the joint venture between Farstad Shipping ASA and P&O Australia, has signed a long term charter agreement for a multi-role production support vessel with Shell Philippines Exploration BV.

    The initial contract is for five years, with further options up to 15 years. The contract will enter into force in the 3rd quarter of 2001, and is valued at NOK 125 million for the firm period.

    The vessel in question is an UT 719 anchor-handler rated at 5,500bhp. It will be used as a multi-role vessel during the production phase of the gas field known as Malampaya offshore The Palavan Islands in the Philippines.

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