Farstad could be forced to slash employees in 2016

The downturn in offshore has reduced the share value of Farstad - one of the oldest and biggest carriers in the business - down to the price of a single offshore vessel. In an interview with ShippingWatch, CEO Karl-Johan Bakken does not rule out layoffs in 2016.

Photo: Farstad Shipping

With a best case scenario for 2016, that with the CEO's own words would entail "stabilized conditions", no one is celebrating at the Norwegian offshore carrier Farstad.

In a fleet of 30 Anchor Handling Tug Supply Vessels (AHTS), 25 Platform Supply Vessels (PSV), and six Subsea vessels - two are laid up in Asia, while in Norway seven ships out of 16 have been pulled from the market.

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