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Farstad Shipping ASA (FAR.OL)

FAR.OL on Oslo Stock Exchange

2 Dec 2016
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Latest Key Developments (Source: Significant Developments)

Farstad Shipping signs LoI with Siem for financial restructuring
Friday, 4 Nov 2016 08:56am EDT 

Farstad Shipping ASA : Says company and Siem Industries group (Siem) have entered into non-binding letter of intent (LoI) for financial restructuring of Farstad Shipping, with Siem or fund managed by Siem as key equity investor . Parties to continue co's discussions with key stakeholders of Farstad Shipping with view to find solid financial platform for Farstad Shipping continued operations .Says no further comments will be given at this stage.  Full Article

Olympic Shipping says investors willing to put up $62 mln in refinancing
Friday, 14 Oct 2016 09:15am EDT 

: Norwegian supply vessel shipping firm Olympic Shipping said a consortium of investors is willing to invest about 500 million Norwegian crowns ($61.79 million) in a refinancing of the company, out of which approximately 400 million is new liquidity . The investment is contingent on a restructuring of the group, which must be agreed with lenders . The current shareholders will be invited to participate in the share issue on equal terms . Companies controlled by the main shareholder of the company, Stig Remoey, are among the investors in the consortium, while the remaining parties in the consortium are investors with direct or indirect connection to the maritime cluster in Norway's Sunnmoere region . The shipping firm has a fleet of 23 oil services vessels . Interest-bearing debt related to the long-term financing of the fleet amounts to 4.9 billion Norwegian crowns at the end of second quarter . In addition, Olympic Ship As has net bond obligations amounting to 690 million crowns . Short-term debt, excluding current liability of long-term debt and bonds, amounted to 237 million crowns . Norway's oil services industry is undergoing a comprehensive financial restructuring after big cuts in spending among oil companies since late 2014.  Full Article

Farstad Shipping signs charter agreement with Total E&P Congo
Tuesday, 27 Sep 2016 05:12am EDT 

Farstad Shipping ASA : Total E&P Congo has through Petro Services awarded CSV Far Sleipner contract of 18 months to support their subsea development activity in Congo . Commencement of contract will take place during Q4 2016 . Total has option to extend contract by 6 x 2 months periods .Commercial terms of agreement will be kept private and confidential between parties.  Full Article

Farstad Shipping sells AHTS Lady Sandra
Monday, 26 Sep 2016 08:44am EDT 

Farstad Shipping ASA : Sold the AHTS Lady Sandra vessel . Delivery of vessel to new owner has taken place today .Following an impairment charge of 11 million Norwegian crowns ($1.4 million) in Q2 2016, sale of vessel will result in an immaterial accounting effect for Q3 2016.  Full Article

Farstad Shipping Q2 EBITDA falls to NOK 222.2 million
Tuesday, 30 Aug 2016 01:25am EDT 

Farstad Shipping ASA : Reported on Monday Q2 freight income and other income of 735.1 million Norwegian crowns ($89 million) versus 1.04 billion crowns year ago . Q2 EBITDA 222.2 million crowns versus 364.8 million crowns year ago . Q2 EBIT loss 849.4 million crowns versus loss 31.0 million crowns year ago . Said reduced operating income is result of challenging market situation . Said going-concern assumption is depending on company reaching agreements with creditors on reduced repayments and postponed maturities . Negotiations to clarify basis for continued operation are in progress .Said the Board's assessment is that Group's forecasts, which are based on further negotiations with financial creditors resulting in solution, will provide company with necessary financial strength to ride out challenging market situation.  Full Article

Farstad Shipping awarded charter contracts
Monday, 15 Aug 2016 09:05am EDT 

Farstad Shipping ASA : Says has been awarded charter contracts . BG Tanzania has awarded contracts to PSV Far Skimmer, PSV Far Starling and PSV Far Sitella . Commencement of contracts is expected to take place in October 2016 . Duration of contracts is one well firm with additional four wells options . An international oil company has extended the PSV Far Spica until March 1, 2017 with additional seven months options . In addition PSV Far Scotsman has been awarded a firm period until March 1, 2017 to same client . Commencement of both contracts is expected to take place in October 2016 .Commercial terms of agreements will be kept private and confidential between parties.  Full Article

Farstad and a majority of lenders enter into a standstill and deferral agreement
Monday, 4 Jul 2016 02:56am EDT 

Farstad Shipping ASA : Farstad and a majority of its secured lenders have on June 30 2016 entered into a standstill and deferral agreement . Says in parallel continues to optimize its operating model, fleet composition and fleet utilization, as well as operating cost improvements . Relevant lenders agreed to defeasance of all financial covenants during same period of time .Relevant lenders have agreed to postponement of all amortisations of Farstad Group falling due to them in period from and including July 1 2016 until Oct. 1 2016.  Full Article

Ocean Yield updates on bareboat agreements with Farstad Shipping
Monday, 4 Jul 2016 02:56am EDT 

Ocean Yield ASA : Farstad Shipping ASA (Farstad) enters into standstill agreement with secured lenders . Certain covenants in bareboat agreements with Farstad have been waived until Oct. 1, 2016 .Farstad Supply AS will continue to pay full bareboat hire to Ocean Yield during standstill period.  Full Article

Farstad Shipping Q1 EBIT at 48.1 million crowns
Thursday, 12 May 2016 07:09am EDT 

Farstad Shipping ASA : Q1 operating income 827.2 million Norwegian crowns (Reuters poll 889 million crowns) . Q1 EBIT 48.1 million crowns (Reuters poll 57.8 million crowns) .Q1 profit after tax 94.2 million crowns (Reuters poll loss 101 million crowns).  Full Article

Farstad Shipping appoints Olav Haugland new CFO
Thursday, 7 Apr 2016 07:27am EDT 

Farstad Shipping ASA:Olav Haugland has been appointed new Chief Financial Officer Ol.av Haugland will commence on May 1, 2016, while Torstein L. Stavseng will be retiring as from July 1, 2016.Formally, the change of CFO will take place on June 1, 2016.  Full Article

UPDATE 1-Farstad in restructuring deal with investor Siem

* Announces outline for comprehensive financial restructuring with Siem and its secured lenders