September 03, 2010

The timecharter period has been extended for Norsky and Norstream

I am pleased to announce that we have reached agreement with Bore Line, the owners of Norsky and Norstream, that will enable P&O Ferries to continue to charter these ships after the current chartering arrangements expire in December 2010. The timecharter period has been extended for a further three years until December 2013.

The Norsky and Norstream have proven to be well suited to meet our freight requirements and have provided a reliable service to our customers. Together with the other Ro-Ro passenger vessels and freight vessels that we are operating in the sector, these vessels offer an excellent service to our freight customers.

The ongoing work in the North Sea project which has achieved substantial cost savings to date, has given us the opportunity to extend the charters of these two ships. It remains essential to continue to find ways to further reduce costs in the future, both in the North Sea and elsewhere, whilst protecting services to our customers.

J P Garner
Fleet Director