Statoil ASA (OSE: STL, NYSE: STO) has awarded charter contracts on the Norwegian Continental Shelf for seven new supply vessels. Farstad Shipping ASA (OSE: FAR) and Atlantic Offshore AS will supply two each which leaves one for Simon Møkster Shipping AS, Troms Offshore Management AS and Remøy Shipping AS respectively. The total worth of the contracts is 3.5 billion NOK. The vessels are required to meet stringent environmental standards. Several of them are designed for operation in the High North with the highest oil-spill protection classification.
Simon Møkster Shipping and Troms Offshore vessels were named as those used in High North supply needs. Farstad Shipping and Atlantic Offshore received a six year contract with three annual options and the remaining suppliers were given three year contract with three annual options. Remøy Shipping is LNG-powered and becomes the sixth such Vessel chartered by Statoil. The newbuilds will be delivered by the end of 2014.
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