Siem to take over Farstad Shipping

Farstad

Farstad Shipping and Siem Oilservice Invest Holdings Limited have signed a binding term sheet for a restructuring of Farstad.

The deal will see the Kristian Siem-led company assume control of the well known, until now family-owned offshore support vessel owner.

The term sheet is subject to reaching final agreements with other key Farstad stakeholders, including senior secured lenders, bondholders and certain other creditors. Farstad is continuing its negotiations with these stakeholders.

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