ShippingWatch

Offshore carrier Solstad lost half a billion NOK in first quarter

Strained offshore shipping company Solstad Offshore started 2019 with a large deficit. The shipping company is struggling to settle a comprehensive restructuring plan and is trying to extend a suspension of debt payments.

Solstad Offshore, which is in the midst of settling a large-scale restructuring plan, booked a big deficit in the first months of 2019.

Even though the shipping company sees slight improvement in the offshore market, and fleet utilization increased compared to last year, the quarter resulted in another large deficit of NOK 556 million (USD 63.7 million) before taxes. In the same period last year, the company lost NOK 543 million.

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