FAR - Charter Agrements

Source: Asia Corporate News Network

Ålesund, Norway, July 18, 2007 - (Hugin) - Farstad Shipping announces a series of new charter commitments amounting to between Norwegian Kroner 530 and 710 million depending on the use of extension options.

Coogee has secured the AHTS vessels Lady Valisia (ME 303, 12,240 bhp) and Lady Gerda (HF270, 8,600 bhp) for a 13-15 month drilling campaign of the North-West of Australia utilizing the jack up drilling rig West Atlas. The program is due to commence in October with both vessels working in that area until that time.

Petrobras has contracted the PSV/Accommodation vessel Far Swift (UT755L, 3,084 DWT) for two years commencing in Brazil this September. The vessel has been providing similar services in Mexico for the past three years and will proceed to Brazil when the current charter ends in August.

Arrendadora Ocean Mexicana in Mexico has renewed the charter of the PSV/Accommodation vessel Far Scotia (UT755, 3,000 DWT) in support of Pemex activities in the Gulf of Mexico. The new charter, commencing later this month, is for two years with an option for a further year.

Talisman has confirmed a one year charter with four by 6 month extension options for the PSV Far Supporter (UT750, 4,680 DWT) commencing in November in support of their activities in the North Sea. The vessel is currently working in Norway with Norsk Hydro and will be replaced there by a Farstad new build UT751E.

Woodside Petroleum will charter the AHTS vessels Lady Dawn (Bolsoenes design, 12,800 bhp) and Lady Audrey (ME303, 12,240 bhp) for one year from August 2007 in support of the semi- submersible drilling rig Sedco 703. Lady Dawn will be replaced in the charter by the AHTS vessel Far Sky (ME 303 mk II of 14,400 bhp) around the end of Q1 next year.

The new charters all evidence a continued improvement in charter rates.

Contacts: Karl-Johan Bakken, CEO tel.: +47 901 05 697 Joseph Homsey , VP Business tel.: +61 412 458 423

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Farstad Shipping ASA

http://www.farstad.no/

ISIN: NO0003215303

Stock Identifier: OSE.FAR