Farstad Shipping ASA – Impairments as per 31.12.2015
Based on the development in brokers’ market values of the fleet, the prevailing market prospects as well as the uncertainty related to the vessels future earnings, the Board of Farstad Shipping ASA has decided to undertake impairments totaling NOK 1,094 million of vessels and other fixed assets in the financial statements for 4Q 2015. Total impairments of fixed assets for the fiscal year 2015 is NOK 1,279 mill.
The company will publish quarterly accounts for the 4th quarter 2015 and the preliminary annual accounts for 2015 on 29 February. A presentation of the accounts will follow on Tuesday 1 March 2016 at the Norwegian Shipowner's Association in Oslo.
Contacts:
CEO Karl-Johan Bakken – tel. +47 901 05 697
CFO Torstein L. Stavseng – tel. +47 911 07 001
Farstad Shipping’s fleet currently consists of 59 vessels (30 AHTS, 23 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. The company’s operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2,100 employees engaged onshore and offshore. The company’s strategy is to be a leading quality provider of large, modern offshore service vessels to the oil industry.