Farstad Shipping ASA – Concentrates its activities in Australia

Farstad Shipping concentrates its oil service activity in Australia to Perth and will close down the management office in Melbourne. Consequently, the Australian onshore organization will be reduced from 65 to around 30 employees.

- Farstad Shipping has participated in the development of the offshore oil and gas industry in Australia since the 1990s, and has become one of the leading oil service companies in the region. To secure this position also in the future, we are now transferring all of our activities to Perth, making it our new headquarters in Australia, says Karl-Johan Bakken, CEO of Farstad Shipping.

Perth will then facilitate both the headquarters and the operations centre, in addition to the company’s training and offshore simulation centre.  

The background for this move now, is the challenging market situation with low oil price and the subsequent sharp reduction in offshore activity. In connection to these changes, the Australian onshore organization will be reduced from 65 to around 30 employees.

- It is with regret that we have to lay off dedicated and highly skilled employees, but it is the unfortunate result of a necessary capacity adjustment, Bakken says.

The CEO would like to thank all of his employees who have contributed in building up Farstad Shipping in Australia. Bakken further says that the transfer of activity from Melbourne to Perth is a necessary step in preparing Farstad Shipping for the future.

- In addition to working on establishing an overall refinancing plan, we are continuously working on structural solutions in order to secure our competitiveness and to align with the market and the needs of our clients, Bakken concludes.

Farstad Shipping Pte. Ltd. in Singapore, which previously has been reporting to Australia, is now to be directly related to the Head Office in Aalesund.

Contacts for further information:

CEO Karl-Johan Bakken – tel. +47 901 05 697

CHRO Knut Åsebø – tel. +47 916 14 771

Farstad Shipping’s fleet currently consists of 57 vessels (29 AHTS, 22 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 1,780 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.