PDF - Farstad Shipping
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PDF - Farstad Shipping
Quarterly Report 1 Farstad Shipping ASA 20 10 2 quarterly report - farstad shipping asa The two sister vessels ready for the naming ceremony in the Geirangerfjord - Photo: Kjetil Dreyer quarterly report - farstad shipping asa 3 6 on sales ) quarterly report - 06 07 08 09 10 1st QUARTER farstad shipping asa 06 07 08 09 2nd QUARTER 444.3 06 07 08 09 06 07 08 09 3rd QUARTER 3 QUARTER 3rd QUARTER 416.7 540.6 366.8 rd 294.7 279.2 2nd QUARTER 285.6 06 07 08 09 208.3 473.6 456.4 2 QUARTER 352.6 366.3 06 07 08 09 265.0 nd 178.2 1st QUARTER 299.1 451.7 895.0 871.9 804.7 640.8 549.5 560.6 834.9 775.7 662.7 571.9 536.8 437.6 730.5 746.1 625.2 545.0 417.0 O P E R AT I N G I N C O M E ( excl . profit on sales ) 06 07 08 09 226.6 341.3 346.1 1 QUARTER 255.9 06 07 08 09 10 280.3 208.9 297.9 394.2 325.0 268.6 193.5 on sales ) st 196.1 EBITDA ( excl . profit 06 07 08 09 10 141.0 172.9 292.6 236.1 190.5 124.9 EBIT ( excl . profit 06 07 08 09 4th QUARTER 06 07 08 09 4th QUARTER 06 07 08 09 4th QUARTER Q U A R T E R LY R E P O R T 1 - 2 0 1 0 Farstad Shipping achieved an operating income of NOK 730.5 million for the 1st quarter. The operating profit (EBIT) was NOK 172.9 million. The profit after taxes was NOK 59.9 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 57 vessels: 32 AHTS, 23 PSV and 2 SUBSEA vessels. Altogether, 160 employees in Aalesund, Aberdeen, Melbourne, Singapore and Macae manage the company’s activities. At the moment, 19 vessels are stationed in the North Sea, 12 in Brazil, 26 in the Indian Pacific. The number of sailors is approx. 1,700. Results for the 1st quarter 2010 Farstad Shipping achieved an operating income of NOK 730.5 million for the 1st quarter (NOK 746.1 million for the same period in 2009). The operating costs for the period were NOK 432.6 million (NOK 351.9 million). The operating profit (EBIT) was NOK 172.9 million (NOK 292.6 million) after depreciation of NOK 125.1 million (NOK 101.6 million). Net finance was negative NOK 103.1 million (positive NOK 47.8 million). Currency gain of NOK 95.7 million is booked during the 1st quarter (loss of NOK 15.2 million). Further an unrealized currency loss of NOK 120.5 million (gain of NOK 119.6 million) is booked due to the adjustment of the company’s longterm liabilities in foreign currency. The profit after taxes was NOK 59.9 million (NOK 298.6 million). The Group’s cash flow*) for the period was NOK 315.2 million compared to NOK 322.5 million for the same period in 2009. Financing and capital structure In the balance sheet at 31.03.10, interest-bearing mortgage debt totals NOK 7,138.3 million (NOK 5,922.5 million at 31.03.09). Of the company’s interestbearing debts, 69.1% is in NOK, 17.1% N.V., Oslo department, in order to facilitate the financing of the vessel. in USD, 6.8% in GBP, 3.4% in EUR and 3.6% in AUD. Interest-bearing current assets at 31.03.10 were NOK 1,897.6 million (NOK 1,760.9 million). the spot market in the North Sea. A longterm facility of NOK 435 million has been drawn with Eksportfinans ASA to finance the vessel. The loan is guaranteed by Handelsbanken, GIEK and DnB NOR Bank ASA. The Group’s booked equity at 31.03.10 was NOK 6,284.5 million (NOK 4,733.5 million) corresponding to NOK 161.14 (NOK 121.37) per share. Equity ratio was 44.9% (40.1%). Farstad Shipping obtains valuations of the fleet twice each year, at 30.06 and 31.12. Therefore, no estimates are obtained at 31.03.10. The quarterly report has been prepared in accordance with today’s International 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 1st quarter 2010 are unaudited. Changes to the fleet Farstad Shipping has taken delivery of the following newbuilds during the 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 long-term facility of NOK 400 million has been drawn with Fortis Bank (Holland) Far Saracen (AHTS, UT731 CD) was delivered from STX Norway Offshore AS, Langsten 24th March. The vessel is trading New contracts Farstad Shipping has achieved the following charter commitments during the 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. 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 will serve 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. *) Pre-tax profit + depreciation and deferred maintenance + change on revaluation of long-term liabilities in foreign currency. quarterly report - farstad shipping asa 5 Q U A R T E R LY R E P O R T 1 - 2 0 1 0 PSV Far Spirit has been awarded a 12 month contract with Woodside from May 2010. of 2010 and approx. 58% for 2011. These figures include the charterer’s options to extend certain contracts. The vessels above will serve Woodside’s drilling programme in Australian waters. The market The market has during the quarter been characterized by too much idle tonnage. As a consequence, the earnings in the spot market in the North Sea have been lower than the operating costs of the vessels. Contracts have been entered at lower and lower levels in all geographic regions. All markets have seen an accumulation of idle tonnage and an increasing number of vessels being laid-up. 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. The contract coverage of the Farstad Fleet at the beginning of the 2nd quarter was approx. 68% for the remaining part THE COMPANY’S 20 LARGEST SHAREHOLDERS AT 14.05.10: 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 Awilco Invest AS 13 MP Pensjon 14 The Northern Trust 15 RBC Dexia Investor Services Trust 16 Pareto Verdi 17 Skandinaviska Enskilda Banken AB 18 State Street Bank 19 Skandinaviska Enskilda Banken AB 20 Forsvarets Personellservice Number % 15 796 199 3 941 600 2 500 000 1 688 055 1 224 334 1 050 000 1 000 000 811 230 730 000 700 000 617 960 573 250 420 000 270 958 266 300 256 550 235 760 171 890 164 990 157 000 40.5 10.1 6.4 4.3 3.1 2.7 2.6 2.1 1.9 1.8 1.6 1.5 1.1 0.7 0.7 0.7 0.6 0.4 0.4 0.4 Total 20 largest shareholders Other shareholders Total number of shares 32 576 076 6 423 924 39 000 000 83.5 16.5 100.0 The activity level offshore is increasing again. However, 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 128.50 and NOK 156.00, and were NOK 152.00 at the end of the quarter. The share price at 31.03.10 values the company to approx. NOK 5.9 billion. The number of shareholders is approx. 1,450. Photo: Peder Otto Dybvik 8 quarterly report - farstad shipping asa Foreign shareholders own approx. 12% of the shares. The annual general meeting will be held at the company’s premises on May 19th. The Board of Directors will propose a dividend of NOK 3.00 per share (NOK 5.00 per share in 2009). The shares will be traded ex dividend on May 20th. Payment of dividend will take place on June 1st. Shipping taxation Farstad Shipping won both in the District Court and in the Norwegian Supreme Court when these found that the transition rules adopted by the Government in December 2007 regarding the transition from the old tax regime to the new tonnage tax system were in breach of the Constitution, paragraph 97. The financial consequences of the verdict were that the cash part of the tax claim of NOK 635.6 million (two thirds) could be reversed in the 2009 accounts. The company’s equity capital improved with the equal amount. The transition rules stated that environmental investments could eliminate the remaining tax claim of NOK 317.8 million (one third). Farstad Shipping has since 2007 fulfilled this requirement of green investments. In a press release 26th March 2010 the Government introduced an optional scheme where the shipping companies can either chose to remain in the old tonnage tax system or become a part of the new scheme that was introduced by the Government in 2007. To be a part of the new scheme one has to pay a tax equalling 10 percent of accumulated profit from the old tonnage tax system. Two third of the amount shall be paid over the From the naming ceremony in Geirangerfjord, picture taken from the “Far Shogun” with “Far Saracen” alongside Hurtigruten “Richard With” quarterly report - farstad shipping asa 7 Q U A R T E R LY R E P O R T 1 - 2 0 1 0 first three years. The Government has removed the environmental profile in the transition rules. Those who have invested in the environment do not receive any reward for their efforts. The proposal of the new set of rules implies that Farstad Shipping will have to pay NOK 227 million in order to be allowed entrance to the new tonnage tax system. The Government is tightening the old scheme so it becomes more of a burden for those shipping companies that chose to stay in it. The introduction of the new scheme will clearly hit the shipping companies that decided to stay in Norway. The new tonnage tax system distorts the competition and is very unfortunate as we enter the most demanding market situation in a long time. The new tonnage tax system was confirmed in the Revised National Budget. Farstad Shipping has not made a final decision regarding tax scheme alternatives. This year’s tax cost will depend on the final regulations, and on the scheme Farstad chooses to be a part of. Aalesund, 19th May 2010 The Lady Sponsors Astrid Koppernæs, “Far Saracen” (left) and Janne-Grethe Strand Aasnæs, “Far Shogun”. - Photo: Peder Otto Dybvik 8 quarterly report - farstad shipping asa FA R S TA D S H I P P I N G A S A (NOK 1000) GROUP PROFIT AND LOSS ACCOUNT 1st quarter 2010 1st quarter 2009 1.1-31.12 2009 730 530 - 746 115 - 3 257 579 - Total operating income 730 530 Operating expenses vessels (386 811) Administration (45 789) 746 115 3 257 579 (308 556) (43 327) (1 348 086) (173 333) Total operating expenses (432 600) Operating profit before depreciation (EBITDA) 297 930 (351 883) (1 521 419) 394 232 1 736 160 Ordinary depreciation (125 053) (101 596) (454 909) Operating result (EBIT) 172 877 Financial income 12 075 Financial expenses (90 417) Agio/(disagio), realised 95 660 Agio/(disagio), unrealised (120 456) 292 636 1 281 251 15 001 (71 613) (15 165) 119 560 78 243 (304 153) 18 843 349 506 Net financial expenses (103 138) Pre-tax profit 69 739 47 783 142 439 Freight income and other income Profit on sale of fixed assets 340 419 1 423 690 (9 857) (41 799) 507 813 Result 59 882 Hereof minority share - Profit / diluted profit per share (NOK) 1.54 Cash flow per share (NOK) 8.08 Average number of outstanding shares 39 000 000 298 620 1 931 503 (43) 7.66 8.27 39 000 000 (43) 49.53 39.21 39 000 000 1st quarter 2010 1st quarter 2009 1.1-31.12 2009 Cash flow from operating activity Cash flow from investment activity Cash flow from finance activity 470 466 (951 295) 707 540 393 936 (1 068 275) 673 381 1 621 273 (2 438 422) 800 132 Net changes in liquidity in the period 226 711 (958) (17 017) 10 188 (20 178) (1 949) Taxes STATEMENT OF CASH FLOW Net currency exchange differences subsidiaris Cash and cash equivalents at the beginning of the period *) 1 525 413 1 544 379 1 544 379 Cash and cash equivalents at the end of the period *) 1 762 312 1 523 243 1 525 413 *) excl.. shares, primary capital certificates and bonds quarterly report - farstad shipping asa 9 FA R S TA D S H I P P I N G A S A (NOK 1000) GROUP BALANCE SHEET ASSETS 31.03.10 31.03.09 31.12.09 30 247 10 146 11 321 588 - 25 197 5 182 30 247 32 363 9 060 972 289 534 14 076 5 113 30 247 10 237 712 191 242 24 977 5 170 Total fixed assets 11 392 360 9 432 305 Current assets: Account receivables, freight income 468 029 458 936 Other short-term receivables 253 135 192 701 Forward currency and interest contracts - - Liquid assets 1 896 054 1 720 864 10 489 348 Fixed assets: Goodwill Deferred tax benefit Vessels etc. Contracts newbuilds Other long-term receivables Shares Total current assets Total assets EQUITY AND LIABILITIES 473 130 325 869 15 671 1 713 704 2 617 218 2 372 501 2 528 374 14 009 578 11 804 806 13 017 722 31.03.10 31.03.09 31.12.09 Equity: Paid in capital 237 396 237 396 Retained earnings 6 047 128 4 495 497 Minority interests - 613 237 396 6 014 499 - Total equity 6 284 524 4 733 506 Liabilities: Non-current liabilities: Provision for liabilities 60 323 56 340 Tax liabilities and environmental fund - 508 476 Interest-bearing mortgage debt 6 145 435 5 337 718 6 251 895 Total non-current liabilities 6 205 758 5 902 534 Current liabilities: Accounts payables 184 649 244 390 Forward currency and interest contracts 33 660 73 081 Taxes payable 42 973 58 025 Other current liabilities 265 136 208 503 Current portion of interest-bearing debt 992 878 584 767 5 541 519 75 020 5 466 499 177 019 22 325 253 193 771 771 Total current liabilities 1 519 296 1 168 766 1 224 308 Total liabilities 7 725 054 7 071 300 6 765 827 14 009 578 11 804 806 13 017 722 Total equity and liabilities 10 quarterly report - farstad shipping asa FA R S TA D S H I P P I N G A S A (NOK 1000) SEGMENT INFORMATION GROUP Operating income *) Operating profit (EBIT) *) 1st quarter 2010 1st quarter 2009 1.1 - 31.12 2009 1st quarter 2010 AHTS PSV SUBSEA Other income 454 606 227 243 47 660 1 021 502 501 202 188 36 511 4 915 2 085 159 936 352 215 600 20 468 120 098 30 804 22 442 (467) 243 793 30 345 14 658 3 840 Total 730 530 746 115 3 257 579 172 877 292 636 1 281 251 Nordvest Europa Brasil Indian Pacific Other segments Others 157 297 186 216 367 178 18 818 1 021 169 806 193 985 340 806 36 603 4 915 812 708 786 181 1 548 889 89 333 20 468 (9 309) 58 560 118 006 6 087 (467) 38 430 89 746 152 513 8 107 3 840 191 008 345 421 690 151 39 729 14 942 Total 730 530 746 115 3 257 579 172 877 292 636 1 281 251 1st quarter 1.1 - 31.12 2009 2009 973 863 220 725 71 721 14 942 *) excl. sale of vessel STATEMENT OF COMPREHENSIVE INCOME 1st quarter 2010 Result 59 882 1st quarter 2009 1.1-31.12 2009 298 620 Other comprehensive income: Change in foreign exchange contracts (38 808) 20 607 Change in deferred tax 1 367 (5 531) Translation effects foreign operations 10 188 (20 178) Charged to environmental fund - - Other equity effects - - Total other comprehensive income (27 253) 1 931 503 82 135 (3 538) (1 949) (335) (296) (5 102) 76 017 Comprehensive income for the period 32 629 293 518 Allocated to: Majority share 32 629 293 561 Minority share - (43) 2 007 520 2 007 563 (43) CHANGE IN EQUITY 1st quarter 2010 1st quarter 2009 1.1-31.12 2009 Equity at the beginning of the period Majority share of income Minority share of income Dividend payment Change in minority interest 6 251 895 32 629 - - - 4 439 988 293 561 (43) - - 4 439 988 2 007 563 (43) (195 000) (613) Equity at the end of the period 6 284 524 4 733 506 6 251 895 quarterly report - farstad shipping asa 11 T H E FA R S TA D F L E E T The company’s fleet consists of 32 AHTS, 23 PSV and 2 SUBSEA vessels. The contract coverage for the fleet included options is approximately 68% for the remaining part of 2010. For 2011 the fleet coverage is 58%. 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 - farstad shipping asa 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 56 37 38 39 40 57 41 42 43 41 44 42 45 43 46 46 47 47 48 48 49 50 51 52 53 54 55 quarterly report - farstad shipping asa 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 1 4 . 0 5 . 1 0 Vessel name Photo no Design Year built Employment vi) BHP Owner at 14.05.10 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 July 10 + opt. FAR SABRE 6 UT 712 L 2008 15900 SUP June 10 + opt. FAR SAPPHIRE 7 UT 732 CD 2007 27500 SUP Spot FAR SOUND 8 UT 712 L 2007 15900 SUP June 10 + opt. FAR STRAIT 9 UT 712 L 2006 15900 FSS Aug. 10 + opt. FAR STREAM 10 UT 712 L 2006 15900 SUP April 11 + opt. FAR SWORD 11 UT 712 L 2006 15900 SUP June 10 + opt. FAR SALTIRE 12 UT 728 L 2002 16300 FSL June 10 + opt. FAR SCOUT 13 UT 722 L 2001 18000 SUP Oct. 11 + opt. FAR SANTANA 14 UT 730 2000 19200 SUP June 10 FAR SOVEREIGN 15 UT 741 1999 27400 SUP Spot 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 July 10 + opt. FAR GRIP 19 UT 722 1993 14400 SUP Sept. 10 FAR SKY 20 ME 303 II 1991 14400 SUP Sept. 10 FAR SEA 21 ME 303 II 1991 13200 SUP Jan. 13 + opt. LADY ASTRID 22 UT 712-2 2003 13200 IOS Spot LADY CAROLINE 23 UT 712-2 2003 13200 IOS Spot LADY GURO 24 UT 719-2 2001 5450 FSS Oct. 16 + opt. LADY SANDRA 25 KMAR 404 1998 16100 FSS July 10 LADY CYNTHIA 26 Hart Fenton 1987 9388 FSS May 10 + opt. LADY GERDA 27 Hart Fenton 1987 8660 IOS Spot LADY AUDREY 28 ME 303 1983 12240 IOS Spot LADY VALISIA 29 ME 303 1983 12240 IOS Spot BOS TURQUESA 30 UT 722 L 2006 19040 BOS Feb. 15 BOS TURMALINA 31 UT 722 L 2006 14410 BOS July 14 BOS TOPÀZIO 32 UT 728 L 2006 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 - farstad shipping asa 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 1 4 . 0 5 . 1 0 Vessel name Photo no Design Year built Employment vi) DWT Owner at 14.05.10 FAR SERENADE 33 UT 751 CD 2009 5950 SUP April 14 + opt. FAR SEARCHER 34 UT 751 E 2008 4755 SUP March 12 + opt. FAR SEEKER 35 UT 751 E 2008 4755 SUP April 11 + opt. FAR SPIRIT 36 VS 470 MkII2007 3550 FSL May 11 + opt. FAR SWAN 37 VS 470 MkII2006 3570 FSS May 11 + opt. FAR SPLENDOUR 38 P 106 2003 3503 SUP Dec. 10 + opt. FAR SYMPHONY 39 P 105 2003 4929 SUP April 11 FAR SWIFT 40 UT 755 L 2003 3084 SUP Oct. 11 + opt. FAR SCOTIA 41 UT 755 2001 5450 FSL May 10 + opt. FAR STAR 42 UT 745 1999 4303 SUP June 11 + opt. FAR SUPPLIER 43 VS 483 1999 4605 FSL May 14 FAR STRIDER 44 VS 483 1999 4605 FSL Sept. 11 + opt. FAR SUPPORTER 45 UT 750 1996 4680 FSL March 13 FAR SERVICE 46 UT 745 1995 4680 FSL Aug. 11 + opt. FAR SCANDIA 47 UT 705 1991 3100 SUP May 14 FAR SUPERIOR 48 UT 705 L 1990 3796 FSL May 10 + opt. FAR SLEIPNER 49 ME 202 1984 3067 SUP May 11 + opt. FAR GRIMSHADER 50 UT 706 L 1983 3325 SUP May 10 LADY MELINDA 51 UT 755 2003 3095 FSS Dec. 10 + opt. LADY GRETE 52 UT 755 L 2002 3271 FSS Nov. 10 + opt. LADY GRACE 53 UT 755 2002 3936 IOS April 11 + opt. LADY CHRISTINE 54 ME 202 1985 2368 IOS Spot LADY KARI-ANN 55 ME 202 1982 2972 IOS Sept. 10 + opt. Vessel name Photo no Design Year buipt BHP/ Owner Employment vi) DWT at 14.05.10 FAR SAMSON 56 UT 761 CD 2009 49000 CON April 14 + opt. FAR SAGA 57 UT 745 L 2011 2012 2013 2014 2010 2011 2012 2013 2014 2001 3475 SUP Oct. 10 + opt. i) Certain freight contracts contain clauses which give the charterer 2010 Contract Charterer’s option the right to cancel the contract. quarterly report - farstad shipping asa 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 E-mail: [email protected] FARSTAD SHIPPING PTE. LTD. 78 Shenton Way, #19-02 Lippo Centre, Singapore 079120 Tel: +65 6323 2077 Fax: +65 6323 2877 E-mail: [email protected] 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 E-mail: [email protected]
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