Farstad loses hundreds of millions of dollars

The deficit at Norwegian offshore carrier Farstad grew significantly in the past year, now totaling approximately USD 116 million. The company is working on a refinancing plan to survive low contract coverage and an extremely uncertain offshore market.

BY LOUISE VOGDRUP-SCHMIDT

The dire market for offshore supply carriers dealt a big blow to Farstad Shipping in the second quarter this year. The carrier, which operates a fleet of 57 offshore vessels, closed the second quarter 2016 with a loss of USD 115.9 million.

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Farstad loses hundreds of millions of dollars

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Farstad family lost USD 106 million last year

Debt-ridden Norwegian offshore carrier hopes to avoid Røkke

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