Farstad Shipping Dives into Loss
By Aiswarya Lakshmi
August 21, 2015
Norway’s Farstad Shipping ASA has seen red in the second quarter of 2015 as impairments and currency losses drove the company into a loss.
Farstad’s profit after taxes (PAT) was negative NOK 119.5 million, versus positive PAT of NOK 46.7 million a year earlier. Furthermore, first-half (1H 2015) profit after taxes was negative NOK 423.8 million, compared to positive PAT of NOK 126.2 million in 1H 2014.
The operating income at 30.06.15 was NOK 2,101.9 million. The operating profit (EBIT) was NOK 94.6 million. The profit after taxes was negative NOK 423.8 million.
Farstad Shipping’s fleet currently consists of 62 vessels (31 AHTS, 25 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. The company’s operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2,100 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. The company maintains a long-term charter profile for the fleet.
