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.

Photo: Farstad Shipping

Good news for the continued survival of carrier Farstad, according to a press release from the company Friday afternoon.

"Farstad Shipping ASA and a company in the Siem Industries group ("Siem") have entered into a non-binding letter of intent for the financial restructuring of Farstad Shipping ASA, with Siem or a fund managed by Siem as a key equity investor," writes Farstad Shipping, highlighting that neither of the two companies will comment further on the deal at this point in time.

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