PDF - Farstad Shipping

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Quarterly Report 1
Farstad Shipping ASA
20
10
2
quarterly report
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farstad shipping asa
The two sister vessels ready for the naming ceremony in the Geirangerfjord - Photo: Kjetil Dreyer
quarterly report
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6
on sales )
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06 07 08 09 10
1st QUARTER
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.
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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
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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”
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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
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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
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
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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
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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
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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
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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
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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
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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.
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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

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