PDF - Farstad Shipping

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Quarterly Report 2
Farstad Shipping ASA
20
10
2
quarterly report
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farstad shipping asa
SIGNIFICANT EVENTS FIRST HALF YEAR 2010
Vessel delivery of Far Shogun
Vessel delivery of Far Saracen
Double naming ceremony in Geiranger
AHTS ”Far Shogun” was delivered from
AHTS ”Far Saracen” was delivered from
AHTS “Far Saracen” and AHTS “Far
STX Norway Offshore Langsten to
STX Norway Offshore Langsten to Farstad
Shogun” were named in a ceremony on
Farstad Shipping the 28th January. A
Shipping the 24th March. A long-term facil-
the 8th May under the waterfall “The
long-term facility of NOK 400 million has
ity of NOK 435 million has been drawn
Seven Sisters” in the Geirangerfjord.
been drawn with ABN AMRO Bank N.V.
with Eksportfinans ASA. The loan is guar-
270 persons participated at the event.
(former Fortis Bank). The vessel trades
anteed by GIEK, Handels-banken and DnB
These were the two last vessels in the
the spot market in the North Sea.
NOR Bank ASA. The vessel trades the spot
newbuild program of Farstad Shipping
market in the North Sea.
for now.
Sale of Far Viscount
OSJ - Shipowner of the Year
PSV “Far Viscount” was delivered to her
Farstad
new owners the 11th May. The vessel was
the smallest ship in the Farstad fleet, and
was built in 1982. The vessel has been
located in Brazil in recent years. The sale
gave a booked profit of NOK 1.1 million.
Shipping
was
OSJ - Innovation of the Year
awarded
Farstad Shipping was together with
“Shipowner of the Year” in February. The
Rolls Royce awarded ”Innovation of the
award is given to the company which
Year” for “the cable lifter change
above all other companies has shown
system”. This award is given to an inno-
excellence in the operation of its vessels,
vative product, system or service which
and has, in the past year, demonstrated
is considered to have made a significant
an exemplary record of achievements in
impact on the design, build and/or oper-
the management of one or more of busi-
ational aspects of offshore support ves-
ness development and growth, of safety,
sels in service during the past calendar
quality, efficiency and environmental
year.
sustainability.
Photo opposite page: Far Saracen (next to the pier) and Far Shogun alongside in Aalesund - Photo Kjetil Dreyer
quarterly report
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3
4th QUARTER
416.7
540.6
265.0
285.6
473.6
456.4
804.7
895.0
3 QUARTER
299.1
640.8
549.5
06 07 08 09
366.8
775.7
871.9
rd
392.9
346.1
451.7
208.9
297.9
560.6
06 07 08 09
2 QUARTER
394.2
325.0
nd
EBITDA
( excl . profit
268.6
536.8
06 07 08 09 10
1 QUARTER
193.5
853.3
834.9
st
on sales )
662.7
437.6
571.9
730.5
746.1
625.2
06 07 08 09 10
280.3
545.0
417.0
O P E R AT I N G I N C O M E
( excl . profit on sales )
MAIN FINANCIAL FIGURES (NOK mill.)
06 07 08 09 10
06 07 08 09 10
06 07 08 09
2nd QUARTER
06 07 08 09
3rd QUARTER
4th QUARTER
4
quarterly report
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2nd QUARTER
178.2
06 07 08 09
3rd QUARTER
294.7
208.3
279.2
352.6
366.3
06 07 08 09 10
226.6
261.7
255.9
341.3
1st QUARTER
196.1
172.9
292.6
236.1
190.5
06 07 08 09 10
141.0
EBIT
( excl . profit
124.9
on sales )
444.3
1st QUARTER
06 07 08 09
4th QUARTER
Q U A R T E R LY R E P O R T 2 - 2 0 1 0
Farstad Shipping achieved an operating income of NOK 854.4 million for the 2nd quarter. The
operating profit (EBIT) was NOK 262.8 million. The profit after taxes was NOK 114.0 million.
This is Farstad Shipping
Farstad Shipping’s strategy is to be a
long-term major supplier of large, modern
offshore service vessels to the oil industry
worldwide. The company will maintain a
long-term chartering profile. The company’s fleet consists of 58 vessels: 24 PSV,
32 AHTS and 2 SUBSEA vessels. Farstad
Shipping has currently no newbuilds.
Altogether, 170 employees in Aalesund,
Aberdeen, Melbourne, Singapore and
Macae manage the company’s activities.
At the moment, 19 vessels are stationed
in the North Sea, 13 in Brazil and 26 in
the Australia / Indian Pacific. The number
of sailors is approx. 1,650.
Results for the 2nd quarter 2010
Farstad Shipping achieved an operating
income of NOK 854.4 million for the 2nd
quarter (NOK 834.9 million for the same
period in 2009). The operating costs for
the period were NOK 460.5 million (NOK
383.2 million).
The operating profit (EBIT) was NOK
262.8 million (NOK 341.3 million) after
depreciation of NOK 131.2 million (NOK
110.3 million). Net finance was negative
NOK 131.5 million (positive NOK 52.3
million). Currency gain of NOK 3.8 million
is booked during the 2nd quarter (gain of
NOK 22.4 million). Further an unrealized
currency loss of NOK 55.1 million (gain
of NOK 82.8 million) is booked due to the
adjustment of the company’s long-term
liabilities in foreign currency. The profit
after taxes was NOK 114.0 million (NOK
366.8 million). The Group’s cash flow*) for
the period was NOK 317.6 million compared to NOK 421.2 million for the same
period in 2009.
Results as per 30.06.10
The operating income at 30.06.10 was
NOK 1,585.0 million (NOK 1,581.0 million). The operating costs were NOK
893.1 million (NOK 735.1 million) and
ordinary depreciations NOK 256.2 million
at NOK 257.87 (NOK 235.73) Valueadjusted equity ratio is 56.3% (55.8%).
(NOK 211.9 million). EBIT was NOK
435.7 million (NOK 634.0 million). Net
finance was negative NOK 234.6 million
(positive NOK 100.1 million) after an
unrealized currency loss of NOK 175.6
million (gain of NOK 202.4 million).
Currency gain of NOK 99.5 million is
booked during the half year (gain of NOK
7.2 million). The profit after taxes was
NOK 173.9 million (NOK 665.4 million).
The Group’s cash flow*) for the period is
NOK 632.9 million compared to NOK
743.6 million for the same period in
2009.
Financial Reporting Standards (IFRS) and
interpretations, and the IAS 34 standard
for quarterly reporting. The accounting
principles used are in accordance with
principles used in the last annual report.
The financial statements for the first half
year of 2010 are unaudited, and the
annual report for 2009 should thus be
consulted when reading this report.
Financing and capital structure
In the balance sheet at 30.06.10, interest-bearing mortgage debt totals NOK
7,148.0 million (NOK 6,258.4 million at
30.06.09). Of the company’s interestbearing debts, 66.9% is in NOK, 18.1%
in USD, 7.3% in GBP, 3.4% in EUR and
4.3% in AUD. Interest-bearing current
assets at 30.06.10 were NOK 1,916.0
million (NOK 1,502.7 million).
The Group’s booked equity at 30.06.10
was NOK 6,277.0 million (NOK 4,929.5
million) corresponding to NOK 160.95
(NOK 126.40) per share. Equity ratio was
44.5% (40.3%).
Based on the valuation of the vessels
(charter free) from three independent brokers at 30.06.10 the value-adjusted
equity capital per share was calculated
Accounting principles
The quarterly report has been prepared
in accordance with today’s International
Financial risk
The company is exposed to changes in
the interest rates since approx. 27% of
the long-term interest bearing debt was
subject to floating interest rates as per
30 June 2010.The remaining part of the
debt is subject to fixed interest rates
through interest rate swap agreements
and fixed interest rate loans. The company is significantly exposed to currency
risk since approx. 90% of its income is
earned in foreign currency. Forward
exchange contracts and option contracts
are signed to reduce the currency risk
linked to cash flows in foreign currency.
Related parties
The company’s largest shareholder is
Tyrholm & Farstad AS in Aalesund with a
holding of 40.5%, and is defined as a
related party. Farstad Shipping has a
lease agreement with Tyrholm & Farstad.
This applies for the head office in
Aalesund and constitutes an annual cost
of approx. NOK 3.8 million. Farstad
*) Pre-tax profit + depreciation and deferred maintenance + change on revaluation of long-term liabilities in foreign currency.
quarterly report
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5
Shipping owns 50% of BOS Navega ç ão
SA through the wholly owned subsidiary
Farstad Brasil AS.
Changes to the fleet
Farstad Shipping has taken delivery of
and sold the following vessels during the
first half year:
1 Quarter
Far Shogun (AHTS, UT731 CD) was delivered from STX Norway Offshore AS,
Langsten 28th January. The vessel is trading the spot market in the North Sea. A
st
been drawn with ABN AMRO Bank N.V.
(former Fortis Bank), in order to facilitate
the financing of the vessel.
Far Saracen (AHTS, UT731 CD) was
delivered from STX Norway Offshore AS,
Langsten 24th March. The vessel is trading the spot market in the North Sea. A
been drawn with Eksportfinans ASA to
finance the vessel. The loan is guaranteed
by Handelsbanken, GIEK and DnB NOR
Bank ASA.
2nd Quarter
Far Viscount (PSV, 1982, H/R design,
THE COMPANY’S 20 LARGEST SHAREHOLDERS
AT 20.08.10:
1 Tyrholm & Farstad AS
2 Folketrygdfondet 3 Brown Brothers Harriman & Co
4 Pareto Aksjer Norge 5 Verdipapirfond Odin Norge 6 Jan H. Farstad 7 Sverre A. Farstad
8 Pareto Aktiv 9 Skagen Vekst 10 Verdipapirfond Odin Offshore 11 Verdipapirfond Odin Norden 12 MP Pensjon 13 The Northern Trust 14 Pareto Verdi 15 RBC Dexia Investor Services Trust
16 Skandinaviska Enskilda Banken AB
17 Citibank
18 State Street Bank
19 Forsvarets Personellservice
20 Nortura Konsernpensjon
Number
%
15 796 199
3 941 600
3 200 000
1 592 495
1 163 029
1 050 000
1 000 000
758 748
700 000
700 000
617 734
420 000
306 511
262 550
236 845
232 114
210 347
175 710
157 000
150 000
40.5
10.1
8.2
4.1
3.0
2.7
2.6
2.0
1.8
1.8
1.6
1.1
0.8
0.7
0.6
0.6
0.5
0.5
0.4
0.4
Total 20 largest shareholders
Other shareholders
Total number of shares
32 670 882
6 329 118 39 000 000
83.8
16.2
100.0
1,540 DWT) was sold to new owners on
11th May.
New contracts
Farstad Shipping has achieved the following charter commitments during the first
half year:
1st Quarter
Statoil has declared their option to charter the PSV Far Searcher for two more
years from March 2010.
Statoil has also declared their option to
charter the PSV Far Symphony for one
more year from April 2010.
Photo: Tommy Alnes
6
quarterly report
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One of our new, large AHTS of UT 731
CD design (22,000 BHP) has been awarded a two year contract with Petrobras,
Brazil. Start-up of the contract was 25th
February, and AHTS Far Santana served
as frontrunner until June 2010.
Woodside has declared their option to
charter the PSV Lady Grace for another
year from 30th April 2010. Woodside has
also declared their options to charter two
AHTS, Far Stream for one additional year
and with options for a further 2 x 1 year,
and Far Strait for four more months. This
contract contains options for a further
4 x 2 months. Start-up of these contracts
was 20th April 2010.
PSV Far Spirit has been awarded a 12
month contract with Woodside from May
2010.
The vessels above will serve Woodside’s
drilling programme in Australian waters.
Apache North Sea Limited has awarded
PSV Far Strider an 18 month contract
with options 2 x 6 months. Start-up of the
contract is May 2010.
2nd Quarter
AHTS Lady Caroline was awarded a 12
months contract with Woodside in
Australia. Start-up of the contract was in
May 2010. The contract contains options
for an additional 2 x 1 year. Woodside also
prolonged the contract with Far Strait for
a period of 12 months that started 20th
April 2010. This contract contains
options for another 2 x 1 year. BP awarded PSV Far Superior a 12 months contract with options for a further 2 x 6
months. Start-up of the contract was in
July 2010 and the vessel will be located
in the North Sea. Petrobras awarded
AHTS Far Santana and AHTS Far
Sovereign two four years contracts in
Far Sagaris arriving in Rio de Janeiro to start her contract with Petrobras
quarterly report
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7
Brazil, and start-up of the contracts will
be in the second half of 2010. Both contracts contain options for four more
years.
Contract coverage
The contract coverage of the Farstad
Fleet at the beginning of the 3rd quarter
was approx. 80% for the remaining part
of 2010 and approx. 70% for 2011.
These figures include the charterer’s
options to extend certain contracts.
The market
Also for this quarter the market has been
characterized by too much idle tonnage.
Especially the markets in the Indian
Pacific region has had a negative impact
on the income level, and long- term contracts are entered at continuously lower
levels. The spot market in the North Sea
has in the second quarter shown a positive development as compared to the first
quarter of 2010. This is a result of a
higher activity level. Even though most
markets see a higher activity level offshore, the rate level and the utilisation
rate for supply vessels will continue to be
negatively affected by the large number
of newbuilds already in the market or
which are still to be delivered.
Shareholder matters
The company’s shares have during the
quarter been traded between NOK
150.00 and NOK 164.00, and were NOK
155.00 at the end of the quarter. The
share price at 30.06.10 values the company to approx. NOK 6.0 billion. The
number of shareholders is approx. 1,430.
Foreign shareholders own approx. 14%
of the shares.
The Annual General Meeting
The annual general meeting was held at
the company’s premises on May 19th. The
annual general meeting passed all affairs
in accordance with the notice. A dividend
of NOK 3.00 per share was paid 1st June.
The shares were traded ex dividend on
20th May.
Shipping taxation
After their defeat in the Norwegian
Supreme Court, the Government launched
in a press release on 26th March 2010,
an optional system where the shipping
companies can chose to remain in a tightened version of the old tonnage tax system. The alternative is to settle the tax
bill and thereby be allowed entrance to
the new system that was introduced by
the Government in 2007. For Farstad
Shipping this implies a tax bill of NOK
227 million. Farstad Shipping has not yet
decided which system the company
should enter.
Confirmation from the Board of
Directors and CEO
We confirm that, to the best of our knowledge, the condensed set of financial
statements for the first half year of 2010
which has been prepared in accordance
with IAS 34 Interim Financial Statements
gives a true and fair view of the Company’s
consolidated assets, liabilities, financial
position and results of operations, and
that the interim management report provides a true overview of important events
during the accounting period, and their
effect on the financial statements for the
first half year, key risks and uncertainty
factors that the company is facing during
the next accounting period and of transactions with related parties.
Aalesund 24 August 2010
8
Sverre A. Farstad
Chairman
Per Norvald Sperre
Deputy Chairman
Gro Bakstad
Director
Bjørn Havnes
Director
Janne-Grethe Strand Aasnæs
Director
Bjarne Sælensminde
Director
Astrid Koppernæs
Director
Karl-Johan Bakken
CEO
quarterly report
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FA R S TA D S H I P P I N G A S A (NOK 1000)
GROUP
PROFIT AND LOSS ACCOUNT
2nd quarter 2nd quarter
1.1-30.06
1.1-30.06
1.1-31.12
2010
2009
2010
2009
2009
853 308
834 869
1 583 838
1 580 984
3 257 579
1 114
-
1 114
-
-
854 422
834 869
1 584 952
1 580 984
3 257 579
(1 348 086)
Freight income and other income
Profit on sale of fixed assets
Total operating income
Operating expenses vessels
Administration
Total operating expenses
(415 804)
(344 859)
(802 615)
(653 415)
(44 648)
(38 360)
(90 437)
(81 687)
(173 333)
(460 452)
(383 219)
(893 052)
(735 102)
(1 521 419)
Operating profit before depreciation (EBITDA)
393 970
451 650
691 900
845 882
1 736 160
Ordinary depreciation
(131 180)
(110 327)
(256 233)
(211 923)
(454 909)
Operating result (EBIT)
262 790
341 323
435 667
633 959
1 281 251
Financial income
Financial expenses
Agio/(disagio), realised
Agio/(disagio), unrealised
Net financial expenses
Pre-tax profit
21 912
26 914
33 987
41 915
78 243
(102 102)
(79 753)
(192 519)
(151 366)
(304 153)
3 826
22 366
99 486
7 201
18 843
(55 110)
82 791
(175 566)
202 351
349 506
(131 474)
52 318
(234 612)
100 101
142 439
131 316
393 641
201 055
734 060
1 423 690
Taxes
(17 289)
(26 828)
(27 146)
(68 627)
507 813
Result 114 027
366 813
173 909
665 433
1 931 503
Hereof minority share
Profit / diluted profit per share (NOK)
Cash flow per share (NOK)
-
-
-
(43)
(43)
2.92
9.41
4.46
17.06
49.53
8.14
10.80
16.23
19.07
39.21
39 000 000
39 000 000
39 000 000
39 000 000
39 000 000
2nd quarter
2nd quarter
1.1-30.06
1.1-30.06
1.1-31.12
2010
2009
2010
2009
2009
Average number of outstanding shares
STATEMENT OF CASH FLOW
Cash flow from operating activity
411 910
261 733
882 376
655 669
1 621 273
Cash flow from investment activity
(161 236)
(679 633)
(1 112 531)
(1 747 908)
(2 438 422)
Cash flow from finance activity
(250 985)
166 887
456 555
840 268
800 132
Net changes in liquidity
in the period
Net currency exchange differences subsidiaries
(311)
(251 013)
226 400
(251 971)
(17 017)
28 746
8 551
38 934
(11 627)
(1 949)
1 762 312
1 523 243
1 525 413
1 544 379
1 544 379
1 790 747
1 280 781
1 790 747
1 280 781
1 525 413
Cash and cash equivalents
at the beginning of the period *)
Cash and cash equivalents
at the end of the period *)
*) Excl. shares, primary capital certificates and bonds
quarterly report
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9
GROUP
BALANCE SHEET
ASSETS
30.06.10
30.06.09
31.12.09
Fixed assets:
Goodwill
30 247
30 247
Deferred tax benefit
16 572
11 003
-
11 372 364
9 682 794
10 237 712
Vessels etc.
Contracts newbuilds
Other long-term receivables
Shares
Total fixed assets
30 247
-
234 928
191 242
23 592
14 380
24 977
5 185
5 239
5 170
11 447 960
9 978 591
10 489 348
Current assets:
Account receivables, freight income
500 051
560 539
473 130
Other short-term receivables
223 953
180 858
325 869
-
-
15 671
Liquid assets
Forward currency and interest contracts
1 928 397
1 506 976
1 713 704
Total current assets
2 652 401
2 248 373
2 528 374
14 100 361
12 226 964
13 017 722
Total assets
EQUITY AND LIABILITIES
30.06.10
30.06.09
31.12.09
Equity:
Paid in capital
Retained earnings
Minority interests
Total equity 237 396
237 396
237 396
6 039 621
4 692 084
6 014 499
-
-
-
6 277 017
4 929 480
6 251 895
Liabilities:
Non-current liabilities:
Provision for liabilities
60 517
56 535
-
508 476
-
Interest-bearing mortgage debt
6 134 976
5 608 249
5 466 499
Total non-current liabilities
6 195 493
6 173 260
5 541 519
Tax liabilities and environmental fund
75 020
Current liabilities:
213 401
161 160
Forward currency and interest contracts
Accounts payables
75 125
52 989
-
Taxes payable
35 743
2 766
22 325
Other current liabilities
Current portion of interest-bearing debt
177 019
290 532
257 142
253 193
1 013 050
650 167
771 771
Total current liabilities
1 627 851
1 124 224
1 224 308
Total liabilities
7 823 344
7 297 484
6 765 827
14 100 361
12 226 964
13 017 722
Total equity and liabilities
10
quarterly report
-
SEGMENT INFORMATION
2nd quarter
2010
GROUP
OPERATING INCOME *)
1.1 - 30.06
2009
1.1 - 31.12 2nd quarter 2nd quarter 1.1-30.06 1.1 - 30.06
2009
2010
2009
2010
2009
1.1 - 31.12
2009
AHTS
560 737 525 804 1 015 343 1 028 305
2 085 159 208 933 258 470 329 031 502 263
973 863
PSV
245 270 249 275
SUBSEA
2nd quarter 2009
1.1-30.06
2010
OPERATING PROFIT (EBIT) *)
472 513
451 463
936 352
36 558
65 952
67 362
96 297
220 725
46 660
50 488
94 320
86 999
215 600
17 375
8 826
39 817
23 484
71 721
641
9 302
1 662
14 217
20 468
(1 190)
8 075
(1 657)
11 915
14 942
Other income
Total
853 308 834 869 1 583 838 1 580 984
Northwest Europe
238 781 219 911
396 078
389 717
812 708
46 657
50 407
88 837
191 008
Brazil
212 655 199 048
398 871
393 033
786 181
83 239
90 896 141 799 180 642
345 421
Indian Pacific
391 373 384 168
758 551
724 974
1 548 889 130 347 178 205 248 353 330 718
690 151
Other segments
37 348
9 858
22 440
28 676
59 043
89 333
2 623
13 740
8 710
21 847
39 729
641
9 302
1 662
14 217
20 468
(1 190)
8 075
(1 657)
11 915
14 942
Others
Total
3 257 579 261 676 341 323 434 553 633 959 1 281 251
853 308 834 869 1 583 838 1 580 984
3 257 579 261 676 341 323 434 553 633 959 1 281 251
*) excl. sale of vessel
STATEMENT OF COMPREHENSIVE INCOME
1.1-30.06
1.1-30.06
1.1-31.12
2010
2009
2010
2009
2009
114 027
366 813
173 909
665 433
1 931 503
Result
Other comprehensive income:
Change in foreign exchange contracts
Change in deferred tax
Translation effects foreign operations
Charged to environmental fund
Other equity effects
Total other comprehensive income
Comprehensive income for the period
(37 933)
6 211
(74 007)
26 818
4 878
10 245
3 511
4 714
(3 538)
28 746
8 551
38 934
(11 627)
(1 949)
(225)
(233)
(225)
(233)
(335)
- - (296)
- - 82 135
(4 534)
24 774
(31 787)
19 672
76 017
109 493
391 587
142 122
685 105
2 007 520
Allocated to:
Majority share
109 493
391 587
Minority share
-
-
142 122
685 148
2 007 563
(43)
(43)
- CHANGES IN EQUITY
1.1-30.06
1.1-30.06
1.1-31.12
2010
2009
2010
2009
2009
Equity at the beginning of the period
6 284 524
4 733 506
6 251 895
4 439 988
4 439 988
Majority share of income
109 493
391 587
142 122
685 148
2 007 563
Minority share of income
-
-
- (43)
(43)
(117 000)
(195 000)
(117 000)
(195 000)
(195 000)
-
(613)
- (613)
(613)
6 277 017
4 929 480
4 929 480
6 251 895
Dividend payment
Change in minority interest
Equity at the end of the period
6 277 017
quarterly report
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11
T H E FA R S TA D F L E E T
The company’s fleet consists of 32 AHTS, 24 PSV and 2 SUBSEA vessels. The contract
coverage for the fleet included options is approximately 80% for the remaining part
of 2010. For 2011 the fleet coverage is 70%.
Anchor Handling Tug Supply Vessel
Offshore
specially
production modules/vessels. Certain
designed to provide anchor handling
supply
vessels
AHTS in our fleet are equipped for fire
and towage services for semi submer-
fighting, rescue operations and oil
sibles, platform jackets, barges and
recovery.
AHTS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
12
quarterly report
-
Plattform Supply Vessel.
Subsea Vessel.
Vessel specially designed for transpor-
on deck, in addition to a variety of dif-
Construction Subsea Vessel - specially
tation of supplies and equipment to/
ferent products (dry and wet) in sepa-
designed vessel for deepwater opera-
from offshore installations. Transport-
rate tanks. Also transporting pipes for
tions, installation and subsea support.
ing individual items mainly in containers
pipe-laying activities.
PSV
SUBSEA
33
34
35
36
57
37
38
39
40
58
41
42
43
44
41
45
46
43
47
46
48
47
49
50
51
52
53
54
55
56
quarterly report
-
13
A H T S F L E E T - E M P L OY M E N T
C O N T R A C T O V E R V I E W AT 2 4 . 0 8 . 1 0
Vessel name
Photo
no
Design
Year
built
Employment i)
BHP Owner at 24.08.10
FAR SARACEN
1 UT 731 CD 2010 24000 SUP Spot
FAR SHOGUN
2 UT 731 CD 2010 24000 SUP Spot
FAR SAGARIS 3 UT 731 CD 2009 24000 SUP Feb. 12
FAR SCORPION 4 UT 731 CD 2009 24000 SUP Spot
FAR SCIMITAR 5 UT 712 L
2008 15900 SUP Nov. 10 + optj.
FAR SABRE
6 UT 712 L
2008 15900 SUP Nov. 11
FAR SAPPHIRE
7 UT 732 CD 2007 27500 SUP Spot
FAR SOUND
8 UT 712 L
2007 15900 SUP Aug. 10 + opt.
FAR STRAIT
9 UT 712 L
2006 15900 FSS April 11 + opt.
FAR STREAM
10 UT 712 L
2006 15900 SUP April 11 + opt.
FAR SWORD
11 UT 712 L
2006 15900 SUP May 11
FAR SALTIRE
12 UT 728 L
2002 16300 FSL Sept. 10
FAR SCOUT 13 UT 722 L
2001 18000 SUP Oct. 11 + opt.
FAR SANTANA
14 UT 730
2000 19200 SUP July 14 + opt.
FAR SOVEREIGN
15 UT 741
1999 27400 SUP Feb. 15 + opt.
FAR SENIOR
16 UT 722 L
1998 18000 SUP Oct. 11
FAR SAILOR
17 UT 722
1997 16820 SUP Oct. 11
FAR FOSNA
18 UT 722
1993 14400 SUP Nov. 10 + opt.
FAR GRIP
19 UT 722
1993 14400 SUP March 11 + opt.
FAR SKY
20 ME 303 II
1991 14400 SUP March 11 + opt.
FAR SEA
21 ME 303 II
1991 13200 SUP Jan. 13 + opt.
LADY ASTRID
22 UT 712-2
2003 13200 IOS Sept. 10 + opt.
LADY CAROLINE 23 UT 712-2
2003 13200 IOS May 11. + opt.
LADY GURO
24 UT 719-2
2001 5450 FSS Oct. 16 + opt.
LADY SANDRA 25 KMAR 404 1998 16100 FSS Aug. 10 + opt.
LADY CYNTHIA
26 Hart Fenton 1987 9388 FSS Dec. 10 + opt. LADY GERDA
27 Hart Fenton 1987 8660 IOS April 11 + opt.
LADY AUDREY
28 ME 303
1983 12240 IOS Spot
LADY VALISIA
29 ME 303
1983 12240 IOS Spot
BOS TURQUESA
30 UT 722 L
2007 19040 BOS Feb. 15
BOS TURMALINA
31 UT 722 L
2006 14410 BOS July 14
BOS TOPÀZIO
32 UT 728 L
2005 12240 BOS Dec. 13
2010
2011
2012
2013
Owner:
SUP = Farstad Supply AS
FSS = Farstad Shipping Pte. Ltd.
IOS = P/R International Offshore Services ANS
CON = Farstad Construction AS
FSL = Farstad Shipping Ltd.
BOS = BOS Navegação SA (Brazil Offshore Services) (50%)
14
quarterly report
-
2014
P S V / S U B S E A F L E E T - E M P L OY M E N T
C O N T R A C T O V E R V I E W AT 2 4 . 0 8 . 1 0
Vessel name
Photo
no
Design
Year
built
Employment i)
DWT Owner at 24.08.10
FAR SERVER
33 HY 832 CD 2010 4000 FSL Nov. 10 + opt.
FAR SERENADE
34 UT 751 CD 2009 5950 SUP April 14 + opt.
FAR SEARCHER
35 UT 751 E
2008 4755 SUP March 12 + opsj.
FAR SEEKER
36 UT 751 E
2008 4755 SUP April 11 + opt.
FAR SPIRIT
37 VS 470 Mk II 2007 3550 FSL May 11 + opt.
FAR SWAN
38 VS 470 Mk II 2006 3570 FSS April 11 + opt.
FAR SPLENDOUR
39 P 106
2003 3503 SUP Dec. 10 + opt.
FAR SYMPHONY
40 P 105
2003 4929 SUP April 11 FAR SWIFT
41 UT 755 L
2003 3084 SUP Oct. 11 + opt.
FAR SCOTIA
42 UT 755
2001 5450 FSL Spot
FAR STAR
43 UT 745
1999 4303 SUP June 11 + opt.
FAR SUPPLIER
44 VS 483
1999 4605 FSL May 14
FAR STRIDER
45 VS 483
1999 4605 FSL Dec. 11 + opt.
FAR SUPPORTER
46 UT 750
1996 4680 FSL March 13 + opt.
FAR SERVICE
47 UT 745
1995 4680 FSL Aug. 11 + opt.
FAR SCANDIA
48 UT 705
1991 3100 SUP May 14
FAR SUPERIOR
49 UT 705 L
1990 3796 FSL June 11 + opt.
FAR SLEIPNER
50 ME 202
1984 3067 SUP May 11 + opt.
FAR GRIMSHADER 51 UT 706 L
1983 3325 SUP Spot
LADY MELINDA
52 UT 755
2003 3095 FSS Dec. 10 + opt.
LADY GRETE 53 UT 755 L
2002 3271 FSS Nov. 10 + opt.
LADY GRACE 54 UT 755
2002 3936 IOS April 11 + opt.
LADY CHRISTINE
55 ME 202
1985 2368 IOS Spot
LADY KARI-ANN
56 ME 202
1982 2972 IOS March 11 + opt.
Vessel name
Photo
no
Design
Year
built
BHP/ Owner Employment vi)
DWT
at 24.08.10
FAR SAMSON
57 UT 761 CD 2009 49000 CON April 14 + opt.
FAR SAGA
58 UT 745 L
2011
2012
2013
2014
2010
2011
2012
2013
2014
2001 3475 SUP Oct. 10 + opt.
) Certain freight contracts contain clauses which give the charterer
i
2010
Contract
Charterer’s option
the right to cancel the contract.
quarterly report
-
15
FARSTAD SHIPPING ASA
PO. Box 1301 - Sentrum, 6001 Ålesund, Notenesgt. 14, Norway
Tel: +47 70 11 75 00 Fax: +47 70 11 75 01
E-mail: [email protected] Internet: www.farstad.com
FARSTAD SHIPPING LTD.
Farstad House, Badentoy Avenue, Badentoy Park, Portlethen, Aberdeen AB12 4YB, Scotland
Tel: +44 1 224 784 000 Fax: +44 1 224 783 340
E-mail: [email protected]
FARSTAD SHIPPING (INDIAN PACIFIC) PTY. LTD.
GPO Box 5111, Melbourne Victoria, 3001 Australia
Level 4, 99 Queensbridge Street, Southbank, Victoria, 3006 Australia
Tel: +61 3 9254 1666 Fax: +61 3 9254 1655
FARSTAD SHIPPING PTE. LTD.
78 Shenton Way, #19-02 Lippo Centre, Singapore 079120
Tel: +65 6323 2077 Fax: +65 6323 2877
BOS NAVEGAÇÃO SA (BRAZIL OFFSHORE SERVICES)
Rua Abilio Moreira de Miranda, 606 Parque Valentina Miranda, CEP 27915-250 Macae - RJ Brasil
Tel: +55 22 2105 1900 Fax: +55 22 2105 1901

PDF - Farstad Shipping

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