Farstad Shipping ASA – Report 1Q 2017
Attached please find Report 1Q 2017.
Farstad Shipping achieved an operating income of NOK 495.6 mill. for the 1st quarter. The operating loss (EBIT) was NOK 511.1 mill. after depreciations of NOK 185.4 mill. Profit after taxes was NOK 1,110.5 mill. following an one-off accounting effect related to the financial restructuring of the company whereby NOK 1,740.2 million has been recognised as financial income.
Contacts for further information:
CEO Karl-Johan Bakken, +47 901 05 697
CFO Olav Haugland, +47 915 41 809
Farstad Shipping’s fleet currently consists of 56 vessels (27 AHTS, 22 PSV and 7 SUBSEA). The company’s operations are managed from Aalesund, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1,325 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.