Approval of restructuring plan for the company

2017-03-03T11:11:01

Reference is made to the stock exchange releases published on 6 February 2017 at 08:00 CET and on 10 February 2017 at 14:46 CET regarding (i) a restructuring plan for Farstad Shipping ASA and (ii) the Extraordinary General Meeting in Farstad Shipping ASA on 3 March 2017.

The restructuring plan has been approved by the general meeting with the required majority of votes. More specifically, all of items 4 - 10 of the agenda have been duly approved, however so that item 8 was removed from the agenda as there will be no issuing of convertible bonds (as previously communicated).

The minutes from the Extraordinary General Meeting will be available shortly.

Contacts:

CEO Karl-Johan Bakken - tel. +47 901 05 697

CFO Olav Haugland - tel. +47 915 41 809

Farstad Shipping's fleet currently consists of 56 vessels (27 AHTS, 22 PSV and 7 SUBSEA). The company's operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1,500 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.

www.farstad.com

Farstad Shipping ASA published this content on 03 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 03 March 2017 11:23:07 UTC.

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