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Farstad Shipping ASA (FAR.OL)

FAR.OL on Oslo Stock Exchange

21 Apr 2017
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Latest Key Developments (Source: Significant Developments)

Solstad Offshore, Farstad Shipping and Deep Sea Supply sign plans to merge
Friday, 24 Mar 2017 06:00am EDT 

Solstad Offshore ASA : Signed plans to merge Solstad Offshore, Farstad Shipping and Deep Sea Supply (DESSC) . Merger plans have been approved and signed by boards of Solstad, Farstad, DESSC and solstad's relevant subsidiaries . Exchange ratio for Farstad's shares is 0.028 Solstad shares per Farstad share .Exchange ration for DESSC shares is 0.1052631578947368 Solstad shares per DESSC share.  Full Article

Farstad Shipping: results of subsequent offering
Wednesday, 22 Mar 2017 03:20am EDT 

Farstad Shipping ASA : Results of the subsequent offering . 142,857,142 new shares are issued in offering at 0.35 crown per offer share, raising gross proceeds of 50 million Norwegian crowns ($5.89 million) . Aker and Hemen will in aggregate be allocated 59,160,877 offer shares for a total subscription amount of 20.71 million crowns .Company's share capital will be 243,177,033.95 crowns divided into 4,863,540,679 shares.  Full Article

Solstad offshore: giant offshore oil industry supply merger may be completed in H1 2017
Monday, 13 Mar 2017 12:01pm EDT 

Solstad Offshore Asa says: Deep Sea Supply , Farstad Shipping and Solstad Offshore are finalizing proposal for merger and plan that their board of directors shall resolve on merger proposal and statutory merger plan by end of March 2017. . Subject to agreement on final transaction documentation and other closing conditions, proposed combination is expected to be completed during first half of 2017 .The companies, 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, on Feb. 6 [nL5N1FR1CU].  Full Article

Farstad Shipping announces vessel delivery and long-term financing
Thursday, 9 Mar 2017 05:53am EST 

Farstad Shipping ASA : Vessel delivery and long-term financing .300 million Norwegian crown ($35 million) long-term financing of vessel is arranged by Danske Bank (agent), DNB, GIEK, Sparebanken Møre and Swedbank with funding provided by Eksportkreditt Norge AS.  Full Article

Farstad Shipping expects to complete restructuring on or about March 9
Tuesday, 7 Mar 2017 06:09am EST 

Farstad Shipping ASA : Completion of restructuring is expected to be on or about March 9, 2017 .The contemplated combination of Solstad Offshore, Farstad Shipping and Deep Sea Supply will as previously communicated move forward separately.  Full Article

Farstad Shipping Q4 EBIT loss widens to NOK 2.03 billion
Tuesday, 28 Feb 2017 02:32am EST 

Farstad Shipping ASA : Q4 operating income 524.3 million Norwegian crowns ($62.6 million) versus 939.9 million crowns year ago . Q4 EBIT loss 2.03 billion crowns versus loss 982.0 million crowns year ago .Board will not propose dividends to be paid for fiscal year 2016.  Full Article

BRIEF-Farstad Shipping signs charter agreements
Monday, 27 Feb 2017 06:08am EST 

Farstad Shipping ASA : Has been awarded charter contracts . The AHTS Far Sigma (2014, UT 731 CD, 24,371 BHP) has been awarded a 1 well contract by Lundin Norway AS . Fairfield Betula Limited has awarded the PSV Far Symphony (2003, P 105, 4,929 DWT) a 12 months contract . The PSV Far Server (2010, Havyard 832 CD, 4,000 DWT) and the PSV Far Serenade(2009, UT 751 CD, 5,944 DWT) have both been awarded a 3,5 months contract . The PSV Far Spica (2013, PSV 08 CD, 4,000 DWT) has received an extension of 4 months by the charterer where she has been employed since August 2015 . Petro Services, with end client Total, has awarded the PSV Far Starling (2013,PSV 08 CD, 4,000 DWT) a 1 month contract to support a "ready for operation" campaign in Congo .Commercial terms of agreements will be kept private and confidential between parties.  Full Article

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

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.