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Weak currencies push Farstad into Q3 deficit

The weakening of Norwegian and Brazilian currencies have pushed the supply carrier into a deficit with a net loss of USD 50 million in the third quarter.

Photo: Farstad Shipping

The Norwegian supply carrier Farstad Shipping delivered a deficit of approximately USD 50 million after tax in the third quarter. According to the third quarter interim report, a large portion of the deficit was due to an unrealized loss of around USD 41 million as the currency weakened.

The major loss is explained by an adjustment of the company's long-term obligations to deliver in foreign currency and the weakening of the Norwegian and Brazilian currencies.

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