ShippingWatch

Solstad Offshore reports massive deficit after new impairments

One of the world's biggest offshore shipping companies, Solstad, was created as a bulwark to the severe crisis in the sector less than two years ago. Now the results for 2018 show a massive deficit which sends the company's equity into the red.

Lars Peder Solstad er topchef for offshorerederiet. | Photo: PR-foto/Solstad Farstad

Offshore shipping company Solstad Offshore has just booked its second large-scale fleet impairment in a short period.

The shipping company recently had to impair its ship asset values by NOK 850 million (USD 99.2 million) after receiving a warning from the Norwegian financial supervisory authority. But this impairment turned out to be inadequate, according to the company's latest interim report.

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