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Farstad Shipping

Farstad Shipping ASA is a major international supplier of large, modern offshore support vessels.

The company's head quarter is located in Aalesund on the North West coast of Norway. In addition we have offices in Aberdeen in Scotland, Melbourne in Australia, Singapore and in Macaé in Brazil. Through a joint venture we also have presence in Angola. The total number of shore personnel is 150 and the number of sailors is approximately 1 450.

Farstad Shipping has a fleet of 54 vessels and currently 3 vessels under construction. In 2008 the freight income was earned in the following markets: 16.0% in Norway, 14.0% in the UK, 45.0% in the Far East/ Australia, 19.0% in Brazil, 6.0% in West Africa and Mexico.

Farstad Shipping has been listed on Oslo Stock Exchange since 1988 and has over the years given the shareholders a competitive return on their investment. The number of outstanding shares is 39 million out of which approximately 46% is owned by the Farstad family.

The company achieved in 2008 operating revenues of NOK 3,019.7 million, which is the highest in the company's history. The result after tax amounted to a profit of NOK 1,225.6 million (NOK 89.3 million deficit) after the recognition of NOK 316.3 million in tax income, of which NOK 317.8 million came from the reversal of the environmental portion associated with the new tax regime in 2007.

Farstad Shipping has a strong focus on health, safety, environment and quality throughout the company's entire range of activities. This is fundamental to maintaining and strengthening our competitive position.