Farstad's creditors agree to suspension of payments

Norwegian offshore carrier Farstad Shipping has secured deferral on its debt to financial creditors until the carrier has settled a finalized restructuring agreement, headed by Siem Industries.

Photo: Farstad Shipping

Farstad Shipping has secured deferral on debt payments until a restructuring plan for the offshore carrier has been finalized and settled.

Management is currently working with Siem Industries to restructure the heavily indebted carrier, which is struggling to survive the low activity in the oil market.

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