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Farstad

Read all the latest news about Farstad. ShippingWatch gives you independent, credible, critical and fair news.

Kristian Siem: bankruptcy should lead to management reshuffles

The US Chapter 11 bankruptcy protection legislation contains far too many weaknesses, says shipping investor Kristian Siem. The CEO responsible for the bankruptcy often remains in the post, though according to Siem this person should be dismissed, he says to ShippingWatch.

Siem Offshore finds work for eight vessels

Siem Offshore has entered contracts for eight of its offshore vessels for a good chunk of this year and for some, into the next. BHP Billiton and Gazprom are among the customers.

Farstad makes massive impairments

Norwegian offshore carrier Farstad Shipping impaired assets by NOK 1.8 billion in the fourth quarter 2016. The carrier will soon become part of the new offshore giant Solstad Farstad, backed by investors Kjell Inge Røkke and John Fredriksen.

Farstad secures more contracts for laid-up vessels

Offshore carrier Farstad Shipping has bagged contracts for several vessels which the carrier had idled in recent years. The contracts come in the wake of news that the carrier will form a new offshore carrier together with Solstad and Deep Sea Supply.

Farstad bags fresh equity from share issue

Farstad Shipping has raised NOK 150 million through a new share issue guaranteed by Kjell Inge Røkke and John Fredriksen's companies. The offshore carrier thus looks on track to be rescued.

Fredriksen-Røkke is Norway's new powerhouse offshore team

It has, on the one hand, raised excitement that Norway's two uncrowned offshore Kings, John Fredriksen and Kjell Inge Røkke, have joined forces as investors in the efforts to save carrier Farstad. On the other hand, employees could be right in fearing for the future.

Norwegian shipping magnates behind new offshore giant

Norwegian shipping magnates John Fredriksen and Kjell Inge Røkke seem to be the main architects behind a plan to create a consolidated supply shipping company by joining the fleets of Farstad Shipping, Deep Sea Supply, and Solstad.

Farstad fails to pay off bond loan in time

Farstad Shipping will not be able to pay off a bond loan which is set to mature in February. The struggling offshore carrier also had to ask its secured creditors to defer payments on its debt to late February. Norwegian investors are still lurking in the wings.

Kristian Siem pulls out of rescue efforts for Farstad

Offshore carrier Farstad Shipping, fraught with problems, had partnered with investor Kristian Siem to come up with a financial rescue plan for the carrier. However, these efforts have now proven unsuccessful and the partnership between the two companies has been discontinued.

Farstad Shipping gets a breather throughout January 2017

Offshore carrier Farstad Shipping has secured formal agreement from affected lenders for its announced decision to stop payments on debt throughout January 2017, while the carrier is working to settle a long-term agreement with the banks.

Kristian Siem could become major shareholder in Farstad

Farstad Shipping will raise NOK 1 billion (USD 116 million) in capital with a move which will make Kristian Siem majority shareholder in the Norwegian offshore carrier. Banks, bondholders, and other creditors must now approve the plan.

Siem gets in business with Farstad

A company under the Siem umbrella has entered into a deal with struggling Norwegian offshore carrier Farstad Shipping for a restructuring. The deal comes just ahead of a new creditor deadline at Farstad.

Farstad Shipping cuts workforce in half in Australia

Farstad Shipping is concentrating its oil service activities in Australia in Perth and closing down its management office in Melbourne. As a result, the Australian onshore staff will be reduced from 65 to about 30 employees.

Moody's: Nordic banks must brace for Farstad loss

After yet another major loss at the offshore supply vessel operator Farstad, a number of Nordic banks must now brace themselves for losses on their loans to the carrier, says credit rating bureau Moody's.

Farstad CEO: More offshore vessels need to be scrapped

Norwegian offshore carriers must scrap more vessels in order to solve their current problems, says Farstad Shipping CEO Karl-Johan Bakken after six months in which impairments triggered a giant deficit for the carrier.

Farstad loses hundreds of millions of dollars

The deficit at Norwegian offshore carrier Farstad grew significantly in the past year, now totaling approximately USD 116 million. The company is working on a refinancing plan to survive low contract coverage and an extremely uncertain offshore market.

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