Farstad Shipping ASA and a company in the Siem Industries Group (“Siem”) have entered into a non-binding letter of intent for the financial restructuring of Farstad Shipping ASA, with Siem or a fund managed by Siem as a key equity investor.
In accordance with the letter of intent, Farstad Shipping ASA and Siem are continuing the company’s discussions with key stakeholders of the Farstad Shipping group with a view to find a solid financial platform for Farstad Shipping ASA’s continued operations.
Farstad Shipping’s fleet currently consists of 56 vessels (28 AHTS, 22 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. The company’s operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1,780 employees engaged onshore and offshore. The company’s strategy is to be a leading quality provider of large, modern offshore service vessels to the oil industry.