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Farstad Shipping ASA (FAR.OL)

FAR.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Farstad Shipping launches private placement of new shares, convertible bonds
Tuesday, 7 Feb 2017 02:18am EST 

Farstad Shipping ASA : Launches of private placement of new shares and convertible bonds . Private placement of new shares towards Aker Capital AS and Hemen Holding Limited . Private placement for a total cash subscription of 450 million Norwegian crowns ($54.30 million) and for a subscription price per share of 0.35 crown . Aker and Hemen will subscribe for and be allocated shares for an amount of 225 million crowns . Will further conduct private placement of new shares and/or convertible bonds with total subscription amount of 150 million crowns in cash .Proceeds from private placements will be used to strengthen company's balance sheet and liquidity position as well as for general corporate purposes.  Full Article

Aker says OSV merger is platform for further consolidation
Monday, 6 Feb 2017 08:00am EST 

Aker Asa : Aker CEO Oeyvind Eriksen: Says 3-way OSV merger is platform for further consolidation, door is open to other industry actors Further company coverage: [AKER.OL] (Reporting by Ole Petter Skonnord, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Solstad, Farstad, Deep Sea merger looks like good business case -minister
Monday, 6 Feb 2017 06:41am EST 

Norway's Oil and Energy Minister Terje Soeviknes told Reuters on the sidelines of an industry conference in Stavanger on Monday: The proposed merger of Solstad, Farstad and Deep Sea Supply looks like a good business case . Does not believe Solstad, Farstad, Deep Sea merger will be problem for competition, though competition watchdog must make own assessment Further company coverage: [SOFF.OL] (Reporting by Joachim Dagenborg, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Farstad Shipping announces fully funded restructuring plan
Monday, 6 Feb 2017 02:00am EST 

Farstad Shipping ASA : Announces fully funded restructuring plan for farstad shipping .Parties to restructuring agreement and Soff Invest AS, Ivan II AS and Tyrholm & Farstad AS, to work for combination of Solstad Offshore, Farstad Shipping and Deep Sea Supply.  Full Article

Farstad chairman says to have 4-5 years perspective when refinancing
Monday, 16 Jan 2017 09:00am EST 

Offshore supply vessel (OSV) firm Farstad Shipping Asa : Chairman Sverre Farstad says to have 4-5 years perspective when refinancing, can't say when it'll be completed . Chairman says OSV market does not look good for 2017 . Chairman says market has not been as bad in 30 years . Farstad Shipping has a net interest bearing debt of 11.6 billion Norwegian crowns ($1.36 billion) on a fleet of 55 offshore supply vessels . Farstad agreed earlier on Monday a standstill and deferral agreement pursuant to which all amortisations and interest payable to the secured lenders will be deferred until 28 February 2017 [nFWN1F601C] Further company coverage: [FAR.OL] ($1 = 8.5452 Norwegian crowns) (Reporting By Ole Petter Skonnord, editing by Terje Solsvik) ((olepetter.skonnord@thomsonreuters.com;)).  Full Article

Farstad Shipping updates on its financial restructuring
Thursday, 5 Jan 2017 02:41am EST 

Farstad Shipping ASA : Term sheet between Farstad and SOSI has terminated, and Farstad will pursue other alternatives for its financial restructuring in continued cooperation with its key financial creditors . Farstad and SOSI have however not succeeded in finding solution for restructuring which is acceptable to all affected creditors . To preserve liquidity, Farstad and a majority of its subsidiaries will uphold their current suspension of service of financial debt . Stand-still agreement with their secured lenders ending on Jan. 31, 2017 will also remain in force .Says will otherwise maintain operations as a going concern.  Full Article

Farstad Shipping updates on its restructuring efforts
Tuesday, 27 Dec 2016 05:13am EST 

Farstad Shipping ASA :Lenders of company affected by decision to stop service of financial debt agree to stand-still, involving deferral of all amortisations and interest throughout January 2017.  Full Article

Farstad to stop service of interest and amortizations to financial creditors
Tuesday, 20 Dec 2016 02:33am EST 

Farstad Shipping ASA P : Co and majority of its subsidiaries have resolved to stop service of interest and amortizations to its financial creditors with effect from today . Farstad Shipping Group will otherwise maintain operations as a going concern. .Says majority of creditors in support of restructuring confirmed that they will not enforce payment against Farstad in current situation..  Full Article

Farstad Shipping signs new charter agreements
Friday, 9 Dec 2016 05:53am EST 

Farstad Shipping ASA : Announces charter agreements . Agreements have been signed with ConocoPhillips Australia Exploration, INPEX-led Ichthys LNG Project and McDermott's Australia .Commercial terms of agreements will be kept private and confidential between parties.  Full Article

Farstad Shipping gets contract award from Ocean Farming
Friday, 2 Dec 2016 08:44am EST 

Farstad Shipping ASA : Says its unit has been awarded contract for complete mooring installation and hook-up of Ocean Farming's Semi-submersible Offshore Fish Farm . Operations are scheduled to take place during H1 2017 .Commercial terms of agreement will be kept private and confidential between parties.  Full Article

More From Around the Web

REFILE-UPDATE 2-Norwegian firms to create offshore oil industry supply vessels giant

OSLO/LONDON, Feb 6 The pace of consolidation in the crisis-hit shipping industry accelerated on Monday after three of Norway's biggest offshore oil industry service vessel (OSV) operators announced plans to merge to create one of the biggest fleets in the sector.