Farstad strengthens its position in Brazil

farstademblemNorway's Farstad Shipping ASA has reached an agreement with Brazil's Petroserv S.A. that will see it buy Petroserv's 50 percent share in BOS Navegação S.A. for $56.5 million.

The deal will give Farstad Shipping e 100 percent ownership of BOS (Brazil Offshore Services), which was established in June 1999 as a joint venture between Farstad and Petroserv. Today the company owns three AHTS on contracts with Petrobras. In addition BOS operates 10 Farstad vessels in Brazil. BOS' offices in Rio de Janeiro and Macaé employ 35 people onshore and 325 people offshore.

Farstad Shipping says the agreement "represents a strengthening of our position in Brazil, a market of considerable growth."

July 18, 2011

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