Farstad Shipping Q1 2013 results

1-2013

FARSTAD SHIPPING ASA

Quarterly report

quarterly report 1 - 2013 - farstad shipping asa

5 011.5market value

914.8operating income

173.3 operating profit (ebit)

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7newbuilds

58vessels

1 vision

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sa fet yconscious

va lu e produc tive

relia ble

inclusive visible a nd tr ansparent

CORPORATE VISION Better by Far®

We intend to develop the company further by abiding our values so that we can maintain a leading, competitive position in those markets in which we are present.

BUSINESS CONCEPT We shall be a leading provider of specialized offshore tonnage to the international oil and gas industry. FOCUS AREAS We focus on large, advanced vessels in the anchor handling, supply and subsea segments.

We focus on health, safety, environment and quality. this provides the foundation for all our activities and is vital with regard to competitiveness.

We focus on stimulating and further developing the competen-ce, knowledge and awareness of our employees. LONG-TERM PERSPECTIVE We are an industrial operator with a long-term perspective on our activities. our services shall contribute to a sustainable development for our customers and their businesses, as well as form a basis for a long-term value creation which benefits share holders, employees and society in general. We have a long-term chartering strategy.

this is

farstad shipping

Farstad Shipping is a leading supply shipping company within our defined segment of large and more advanced offshore supply vessels. We are a value-driven company with focus on safety, quality and efficiency in our services. The company’s fleet consists of 58 vessels: 26 PSV, 29 AHTS and 3 SUBSEA vessels. In addition we have seven newbuilds (3 PSV, 3 AHTS and 1 SUBSEA) for delivery between May 2013 and March 2015. The company’s operations are managed from Ålesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of approx. 2,080 employees. At the moment, 15 vessels are stationed in Brazil, 15 in North-West Europe, 26 in the Indian Pacific region and two vessels in East Africa.

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Ålesundaberdeen

macaério de Janeiro

singapore

perth

melbourne

26% 45% 3%26%

20% 36% 41% 3%

54% 2%14%30%


PSV

Platform Supply Vessel26 vessels + 3 newbuilds

AHTS

Anchorhandling Tug Supplyvessel 29 vessels + 3 newbuilds

SUBSEA

Subsea Construction Vessel 3 vessels + 1 newbuild

26 vessels 2 vessels15 vessels 15 vessels

415 employees 754 employees 855 employees 56 employees

271 NoK million 132 NoK million 494 NoK million 14 NoK million

BRAZIL NORTH-wEST EUROPE INDIAN PACIFIC OTHER REGIONS

THE FARSTAD FLEET

THE MARkET

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20092010201120122013

20092010201120122013

20092010201120122013


operating incomeexcl. profit on sales NoK million

3rd quarter1st quarter 2nd quarter 4th quarter

ebit excl. profit on sales and gain from gradual acquisition

NoK million



ebitda excl. profit on sales NoK million

Quarter ly r eport

1-2013

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Farstad Shipping achieved an operating income of NOK 914.8 million for the

1st quarter. The operating profit (EBIT) was NOK 173.3 million. The profit after taxes

was NOK 82.1 million.

results for tHe 1st Quarter 2013 Farstad Shipping achieved an operating income of NoK 914.8 million for the 1st quarter (NoK 905.5 million for the same period in 2012). the operating costs for the period were NoK 590.1 million (NoK 595.8 million). Both opera-ting income and operating costs have been positively influ-enced by fewer dockings than normal this quarter. a weak spot market in the North Sea has influenced the operating income negatively as has four vessels that have been com-pletely or partly without work during this quarter. three of these vessels have been idle awaiting start-up of new con-tracts.

the operating profit (eBIt) was NoK 173.3 million (NoK 163.9 million) after depreciation of NoK 151.3 million (NoK 145.7 million). Net finance was negative NoK 83.8 million (negative NoK 47.7 million). Currency gain of NoK 30.2 million is booked during the 1st quarter (gain NoK 11.1 million). Further an unrealized currency loss of NoK 11.3 million (gain NoK 27.9 million) is booked due to the adjustment of the company’s long-term liabilities in for-eign currency. the profit after taxes was NoK 82.1 million (NoK 113.7 million). the Group’s cash flow*) for the period was NoK 252.1 million compared to NoK 234.0 million for the same period in 2012.

financing and capital structureIn the balance sheet at 31.03.13, interest-bearing mort-gage debt totals NoK 8,763.4 million (NoK 6,681.0 million at 31.03.12). of the company’s interest-bearing debts, 77.6% is in NoK, 9.9% in uSD, 7.8% in GBp and 4.7% in auD. Interest-bearing current assets at 31.03.13 were NoK 1,531.5 million (NoK 1,325.7 million).

the Group’s booked equity at 31.03.13 was NoK 6,849.0 million (NoK 6,891.5 million) corresponding to NoK 175.61 (NoK 176.71) per share. equity ratio was 41.4% (47.6%).

accounting principlesthe 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. except for the implementation of changes in the pension Standard (IaS 19), all accounting principles used are in accordance with principles used in the last annual report. the financial statements for the first quarter of 2013 are unaudited.

cHanges to tHe fleetFar Spica (StX pSV 08 CD) was delivered from Vard lang-sten 31 January and started immediately after delivery on a contract with Statoil. the vessel is financed by Danish Ship Finance aS. Far Sitella (StX pSV 08 CD) was delivered from Vard Vung tau, Vietnam 5 February. after the arrival in australia, the vessel started on a long term contract with Shell australia. the vessel is financed by Nordea Bank. Far Senator (aHtS 731 CD) was delivered from Vard langsten 21 March. the vessel was sold to ocean yield aS and leased back on a 12 year bareboat charter. the agreement includes options for us to buy back the vessel at given conditions, and will be treated as a financial lease in the accounts. the vessel is trading the North Sea spot market.

aHtS lady Cynthia (1987, Hart Fenton) was sold 2 January. after the sale, only two of the company’s vessels are built during the 1980’s.

In February, an agreement was reached with Vard aS to build a Subsea/IMr vessel. the newbuild is part of the company’s expansion into the subsea market, and repre-sents an investment of approx. NoK 825 million. the vessel is a StX oSV oSCV 07 design (offshore Subsea Construc-tion Vessel) and is constructed for subsea/IMr operations (Inspection, Maintenance and repair). the vessel has a total length of 143 meters, beam of 25 meters and a deck area of more than 1,800 m2, and is equipped with two offshore cra-nes, of which the larger one has a lifting capacity of 250 tons. Furthermore the vessel is arranged for three roV’s (remote operating Vehicles) and has accommodation for 130 persons. Delivery of the vessel will take place in the first quarter 2015.

new contractsFarstad Shipping has achieved a number of new charter

*) Cash flow is defined as pre-tax profit + depreciation and deferred maintenance +/- change on revaluation of long-term liabilities in foreign currency.

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tHe company’s 20 largest sHareHolders

per. 13.05.13Number %

Tyrholm & Farstad AS 15 796 199 40.50

Brown Brothers Harriman Fidelity 3 200 000 8.21

Folketrygdfondet 2 988 260 7.66

Pareto Aksje Norge 2 010 627 5.16

Jan H. Farstad 1 050 000 2.69

Sverre A. Farstad 1 000 000 2.56

Odin Norge 925 063 2.37

Pareto Aktiv 847 445 2.17

Odin Norden 623 569 1.60

Odin Offshore 620 553 1.59

Mondrian Int. Equity Fund 519 455 1.33

Pareto Verdi 464 545 1.19

MP Pensjon 420 000 1.08

Highclere International Investors 394 251 1.01

Forsvarets Personellservice 228 000 0.58

Citibank DFA-INTL SML CAP 207 709 0.53

The Bank of New York 163 632 0.42

JPMorgan Chase Bank 161 563 0.41

Pareto Sicav 151 135 0.39

Nortura Konsernpensjon 150 000 0.38

Total 20 largest shareholders 31 922 006 81.85

Other shareholders 7 077 994 18.15

Total number of shares 39 000 000 100.00

commitments during this quarter - the most significant of these are presented below:

pSV Far Star left the North Sea in January after being awar-ded a two months contract with technip in Brazil.

pSV Far Spica and pSV Far Scotsman were awarded con-tracts of approx. 9 months duration each to support the Statoil drilling campaign on the coast of east africa. Start-up of the contracts was in april, and Statoil has the option to extend the contracts for a further nine months.

perenco petroleo e Gas do Brasil awarded aHtS Far Sagaris a 12 month contract with a 6 month option to support the ocean Star drilling campaign in Brazil. the vessel was idle during the quarter until start-up of this contract medio Fe-bruary.

Fugro rue in Norway awarded IMr vessel Far Saga a six month contract. the vessel was idle in the quarter until start-up of the contract in the end of February. the contract inclu-des roV support operations and other subsea related acti-vities in the North Sea.

petrobras declared their option to extend the contract for aHtS Far Sea with 292 days.

pSV Far Solitaire was awarded a new four month contract with four monthly options for Statoil. the contract is a direct continuation of previous contract.

Statoil declared their one year options to extend the con-tracts for pSV Far Seeker and pSV Far Searcher until april and March 2014 respectively.

peterson SBS Den Helder B.V. awarded pSV Far Splendour a one year contract with two yearly options. Start-up of the contract was in the beginning of May.

contract coveragethe contract coverage of the Farstad Fleet is approximately 72% for the remaining part of 2013, and approximately 45% for 2014. these figures include the charterer’s op-tions to extend certain contracts.

sHareHolder mattersthe company’s shares have during the quarter been traded

Q u a rt e r ly r e p o rt 1 - 2 0 1 3

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between NoK 128.50 and NoK 145.00, and were NoK 128.50 at the end of the quarter. the share price at 31.03.13 values the company to approx. NoK 5.0 billion.

tHe marketthe market for the first quarter turned out as expected. Most of our markets have been characterized by too much idle tonnage. the North Sea market was weak in the two first months of the year, but improved as spring progressed. there have been brief periods with balance in the market. even though the summer market in the North Sea this year is expected to be better than last year, a more stable market is dependent upon a net departure of tonnage to other regions. Brazil has shown a positive development during the quarter as petrobras once more has started awarding contracts, which gives reasons for optimism. the Indian pacific region is still characterized by overcapacity of tonnage and pres-sure on rate levels. this situation is not expected to improve in 2013.

With an oil price at today’s level, the offshore activity is ex-pected to increase in the years ahead. this applies to opera-tions related to drilling activity as well as operations related

to installation and production and not least the increasing activity related to inspection, maintenance and repair of subsea installations. profitability for the participants in this market will be dependent upon the development on the supply side. an increasing number of new participants with easy access to capital that they are willing to risk is a concern in terms of continued high contracting. especially, for the subsea market the development and completion of planned projects will be dependent on sufficient access to enginee-ring and other critical shore based resources, which will eventually lead to revised time schedules and a flattening of the activity level.

annual general meeting may 15tH 2013the annual General Meeting will be held at the company’s premises on Wednesday 15 May. the Board of Directors will propose a dividend of NoK 3.00 per share for 2012 (NoK 5.00 per share for 2011). the shares will be traded ex. dividend on thursday 16 May. payment of dividend will take place on 29 May.

aalesund, May 14th 2013the Board of Directors

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fa r s ta d s H i p p i n g a s a (nok 1000) g r o u p

profit and loss account

statement of compreHensive income

1.1-31.03 1.1-31.03 1.1-31.12 1.1-31.12 2013 2012 2012 2011 Freight income and other income 911 318 916 349 3 714 024 3 584 889 profit (loss) on sale of fixed assets 3 450 (10 847) (10 252) 16 909

total operating income 914 768 905 502 3 703 772 3 601 798 operating expenses vessels (523 331) (523 943) (2 108 838) (1 948 798) administration (66 779) (71 891) (288 736) (234 565)

total operating expenses (590 110) (595 834) (2 397 574) (2 183 363) operating profit before depreciation (ebitda) 324 658 309 668 1 306 198 1 418 435

ordinary depreciation (151 347) (145 735) (575 928) (544 808)

operating result before other revenues and expences 173 311 163 933 730 270 873 627 Gain from gradual acquisition - - - 70 431

operating result (ebit) 173 311 163 933 730 270 944 058 Financial income 11 730 11 940 48 305 64 632 Financial expenses (114 453) (98 700) (435 844) (410 900) agio/(disagio), realised 30 181 11 140 15 827 25 436 agio/(disagio), unrealised (11 286) 27 945 (33 861) (92 915)

net financial expenses (83 828) (47 675) (405 573) (413 747) pre-tax profit 89 483 116 258 324 697 530 311

taxes (7 341) (2 535) (12 866) 38 137

result 82 142 113 723 311 831 568 448 profit/diluted profit per share (NoK) 2,11 2,92 8,00 14,58 Cash flow per share (NoK) 6,46 6,00 23,96 28,14 average number of outstanding shares 39 000 000 39 000 000 39 000 000 39 000 000

1.1-31.03 1.1-31.03 1.1-31.12 1.1-31.12 2013 2012 2012 2011 result 82 142 113 723 311 831 568 448 other comprehensive income: Change in currency and interest hedging contracts (46 671) 52 324 23 303 (53 866) Change in deferred tax - (3 126) (9 439) 2 014 translation effects foreign operations 37 663 (10 111) (101 442) (66 670) Change in actuarial gains and losses pensions - (81 542) (73 639) -

total other comprehensive income (9 008) (42 455) (161 217) (118 522)

comprehensive income for the period 73 134 71 268 150 614 449 926

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balance sHeet

aSSetS 31.03.13 31.03.12 31.12.12 fixed assets: Goodwill 104 356 110 294 100 032 Vessels etc. 13 582 183 11 674 550 12 394 071 Contracts newbuilds 345 863 511 728 527 973 Deferred tax benefit 62 905 67 476 68 764 other long-term receivables 5 032 7 797 5 008 Currency and interest swap contracts 13 375 40 084 26 456 Shares 5 088 5 202 5 078

total fixed assets 14 118 802 12 417 131 13 127 382 Current assets: account receivables, freight income 611 960 490 846 624 114 other short-term receivables 286 487 234 231 241 036 Currency and interest swap contracts 20 215 26 138 45 619 liquid assets 1 504 906 1 302 382 1 567 079

total current assets 2 423 568 2 053 597 2 477 848

total assets 16 542 370 14 470 728 15 605 230

equIty aND lIaBIlItIeS 31.03.13 31.03.12 31.12.12 equity: paid in capital 237 396 237 396 237 396 retained earnings 6 611 587 6 654 107 6 538 453

total equity 6 848 983 6 891 503 6 775 849 liabilities: Non-current liabilities: provision for liabilities 111 311 118 549 112 324 Deferred tax 44 802 52 114 43 607 Currency and interest swap contracts 51 535 31 488 54 970 tax liabilities - 4 758 - Interest-bearing debt and leasing obligations 7 466 059 5 975 119 6 595 642

total non-current liabilities 7 673 707 6 182 028 6 806 543 current liabilities: accounts payables 190 965 261 820 224 170 Currency and interest swap contracts 59 310 36 154 44 497 taxes payable 34 137 39 124 27 158 other current liabilities 437 943 354 243 431 098 Current portion of interest-bearing debt 1 297 325 705 856 1 295 915

total current liabilities 2 019 680 1 397 197 2 022 838

total liabilities 9 693 387 7 579 225 8 829 381

total equity and liabilities 16 542 370 14 470 728 15 605 230

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segment information

operating income *)

operating profit (ebit) **)

1.1-31.03 1.1-31.03 1.1-31.12 1.1-31.12 2013 2012 2012 2011 aHtS 551 187 578 486 2 288 637 2 311 137 pSV 307 455 277 017 1 179 133 1 102 842 SuBSea 51 831 60 538 242 171 164 891 other income 845 308 4 083 6 019

total 911 318 916 349 3 714 024 3 584 889 North-West europe 132 142 196 366 792 307 792 727 Brazil 271 479 228 795 969 732 973 488 Indian pacific 493 688 490 880 1 947 902 1 762 589 other segments 13 164 - - 50 066 others 845 308 4 083 6 019

total 911 318 916 349 3 714 024 3 584 889

*) excl. sale of vessel

1.1-31.03 1.1-31.03 1.1-31.12 1.1-31.12 2013 2012 2012 2011 aHtS 149 690 117 450 526 617 626 612 pSV 25 621 49 774 180 160 218 767 SuBSea 815 12 969 53 464 13 991 other income (6 265) (5 413) (19 719) (2 652)

total 169 861 174 780 740 522 856 718 North-West europe (25 501) 35 200 75 223 195 937 Brazil 51 114 16 278 146 937 243 323 Indian pacific 151 058 128 715 538 081 403 859 other segments (545) - - 16 251 others (6 265) (5 413) (19 719) (2 652)

total 169 861 174 780 740 522 856 718

**) excl. sale of vessel and gain from gradual acquisition

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cHange in eQuity

statement of casH flow 1.1-31.03 1.1-31.03 1.1-31.12 1.1-31.12 2013 2012 2012 2011 cash flow from operating activity 293 343 302 536 1 171 243 1 362 490 Sale of fixed assets 18 762 9 279 24 913 41 951 Investment in fixed assets and contracts newbuilds (1 087 010) (271 265) (1 627 350) (688 613) Net payment purchase of subsidiary - - - (296 763) other investments 10 782 60 211 81 623 83 161

cash flow from investment activity (1 057 466) (201 775) (1 520 814) (860 264) New long-term debt 1 066 499 397 400 2 235 440 4 760 repayment of debt (251 851) (527 787) (1 125 540) (741 827) Dividend paid - - (195 000) (156 000) Interest costs (110 625) (95 944) (412 196) (396 647)

cash flow from finance activity 704 023 (226 331) 502 704 (1 289 714) net changes in cash and cash equivalents in the period (60 100) (125 570) 153 133 (787 488)

Net currency exchange differences subsidiaries (2 987) (871) (242) (6 620)

Cash and cash equivalents at the beginning of the period *) 1 495 147 1 342 256 1 342 256 2 136 364

cash and cash equivalents at the end of the period *) 1 432 060 1 215 815 1 495 147 1 342 256

*) ex. shares, equity certificates and bonds

1.1-31.03 1.1-31.03 1.1-31.12 1.1-31.12 2013 2012 2012 2011

equity at the beginning of the period 6 775 849 6 820 235 6 820 235 6 582 368 Comprehensive income 73 134 71 268 150 614 449 926 Change in foreign currency translation due to gradual aquisition of subsidiary - - - (56 059) Dividend payment - - (195 000) (156 000)

equity at the end of the period 6 848 983 6 891 503 6 775 849 6 820 235

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2013 2014 2015 2016 2017


contract overview at 13.05.13

YearbuiltDesign BHP

Employment i) at 13.05.13 Vessel name Owner

Owner:SUP = Farstad Supply ASIOS = P/R International Offshore Services ANSFSL = Farstad Shipping Ltd.

FSS = Farstad Shipping Pte. Ltd.CON = Farstad Construction AS FSB = Farstad Shipping S.A. (Brazil)

a H ts f l e e t e m p loy m e n t

Far SIrIuS tbn ut 731 CD 2014 - SupFar SIGMa tbn ut 731 CD 2014 - Sup Far StateSMaN tbn ut 731 CD 2013 - SupFar SeNator ut 731 CD 2013 - Sup SpotFar SaraCeN ut 731 CD 2010 24400 Sup March 14 + opt.Far SHoGuN ut 731 CD 2010 24400 Sup March 14 + opt.Far SaGarIS ut 731 CD 2009 23700 Sup March 14 + opt.Far SCorpIoN ut 731 CD 2009 23700 Sup SpotFar SCIMItar ut 712 l 2008 16000 Sup May 13Far SaBre ut 712 l 2008 16000 Sup Spot Far SappHIre ut 732 CD 2007 27500 Sup Spot Far SouND ut 712 l 2007 16000 Sup July 13 + opt.BoS turqueSa ut 722 l 2007 19000 FSB Feb. 15 + opt.Far StraIt ut 712 l 2006 16000 FSS Nov. 13 Far StreaM ut 712 l 2006 16000 Sup Nov. 13Far SWorD ut 712 l 2006 16000 Sup July 13 + opt.BoS turMalINa ut 722 l 2006 15500 FSB July 14 + opt.BoS topÀZIo ut 728 l 2005 13240 FSB Dec. 13 + opt.laDy aStrID ut 712-2 2003 13500 IoS May 13 laDy CarolINe ut 712-2 2003 13500 IoS SpotFar SaltIre ut 728 l 2002 16300 FSl SpotlaDy Guro ut 719-2 2001 5450 FSS oct. 16 + opt. Far SCout ut 722 l 2001 18700 Sup Feb. 16 + opt. Far SaNtaNa ut 730 2000 19200 Sup July 14 + opt. Far SoVereIGN ut 741 1999 27400 Sup Feb. 15 + opt. Far SeNIor ut 722 l 1998 18900 Sup Feb. 16 + opt. laDy SaNDra KMar 404 1998 17000 FSS June 13 + opt. Far SaIlor ut 722 1997 14800 Sup oct. 13 + opt. Far FoSNa ut 722 1993 14400 Sup June 13 + opt. Far GrIp ut 722 1993 14400 Sup May 13 Far SKy Me 303 II 1991 13400 Sup May 13 Far Sea Me 303 II 1991 13200 Sup Nov. 13 + opt.

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2014 2015 2016 2017

2013 2014 2015 2016 2017

2013


Far SyGNa tbn pSV 07 2014 - Sup May 20 + opt.Far SuN tbn pSV 07 2014 - Sup aug. 20 + opt.Far StarlING tbn pSV 08 CD 2013 - SupFar SItella pSV 08 CD 2013 4000 FSS June 14 + opt.Far SpICa pSV 08 CD 2013 4000 Sup oct. 13 + opt.Far SolItaIre ut 754 Wp 2012 5800 Sup Sept. 13 + opt.Far SKIMMer pSV 08 CD 2012 4000 FSS Nov. 14 + opt.Far SCotSMaN pSV 08 CD 2012 4000 FSl oct. 13 + opt.Far SerVer Hy 832 CD 2010 4000 FSl May 13 + opt.Far SereNaDe ut 751 CD 2009 5944 Sup april 14 + opt. Far SearCHer ut 751 e 2008 4992 Sup March 14Far SeeKer ut 751 e 2008 4905 Sup april 14 Far SpIrIt VS 470 Mk II 2007 3624 FSl Nov 14 + opt.Far SWaN VS 470 Mk II 2006 3628 FSS april 14 + opt.Far SpleNDour p 106 2003 3503 Sup april 14 + opt. Far SyMpHoNy p 105 2003 4929 Sup april 17 + opt. Far SWIFt ut 755 l 2003 3084 Sup May 13 + opt. laDy MelINDa ut 755 2003 2777 FSS Dec. 13 + opt. laDy Grete ut 755 l 2002 3271 FSS Nov. 13 laDy GraCe ut 755 2002 2936 IoS May 14 + opt. Far Star ut 745 1999 4403 Sup aug. 17 + opt. Far SupplIer VS 483 1999 4593 FSl May 14 Far StrIDer VS 483 1999 4709 FSl July 17 + opt. Far Supporter ut 750 1996 4680 FSl May 16 Far SerVICe ut 745 1995 4680 FSl June 13 + opt. Far SCaNDIa ut 705 1991 3100 Sup May 14 Far SuperIor ut 705 l 1990 3796 FSl May 13 Far GrIMSHaDer ut 706 l 1983 3225 Sup Spot laDy KarI-aNN Me 202 1982 2972 IoS Spot

Far SleIpNer tbn oSCV 07 2015 - SupFar SaMSoN ut 761 CD 2009 47600 CoN april 14 + opt. Far SaGa ut 745 l 2001 10900 Sup aug. 13 + opt.Far SCotIa ut 755 2001 3022 FSl Nov. 16 + opt.

contract overview at 13.05.13

Yearbuilt Design DWT


YearbuiltDesign BHP


i) Certain freight contracts contain clauses which give the charterer the right to cancel the contract.

Contract Charterer’s optionUnder construction

p s v / s u b s e a f l e e t e m p loy m e n t

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www.farstad.com

FARSTAD SHIPPING ASApo. Box 1301 Sentrum, 6001 aalesund, Notenesgt. 14, Norwaytel: +47 70 11 75 00, Fax: +47 70 11 75 01e-mail: [email protected] FARSTAD SHIPPING LTD.Farstad House, Badentoy avenue, Badentoy park, portlethen, aberdeen aB12 4yB, Scotlandtel: +44 1 224 784 000, Fax: +44 1 224 783 340e-mail: [email protected] FARSTAD SHIPPING (INDIAN PACIFIC) PTY. LTD.Gpo Box 5111, Melbourne Victoria, 3001 australialevel 4, 99 queensbridge Street, Southbank, Victoria, 3006 australiatel: +61 3 9685 1500 Fax: +61 3 9685 1690e-mail: [email protected] FARSTAD SHIPPING PTE. LTD.78 Shenton Way, #19-02 lippo Centre, Singapore 079120tel: +65 6240 4500 Fax: +65 6240 4599e-mail: [email protected] FARSTAD SHIPPING S.A.rua abilio Moreira de Miranda, No. 606, Imbetiba, Macaé, rJ Cep 27915-250, Braziltel: +55 22 2105 1900, Fax: +55 22 2105 1901e-mail: [email protected]

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Farstad Shipping Q1 2013 results

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