Farstad Shipping ASA – Report 4Q 2016 and preliminary accounts 2016
Attached please find Report 4Q 2016.
Farstad Shipping has entered into a restructuring agreement with several stakeholders, including secured lenders, key bondholders supported by Aker Capital AS and Hemen Holding Limited. The agreement will strengthen the balance sheet and liquidity position going forward, and secures a robust and long term financial position for the group.
Farstad Shipping achieved an operating income of NOK 524.3 million for the 4th quarter. The operating loss (EBIT) was NOK 2,034.3 million after impairments of NOK 1,816.1 million. Loss after taxes was NOK 2,382.6 million.
The operating income at 31.12.16 was NOK 2,687.6 million. The operating loss (EBIT) was NOK 3,105.9 million after depreciations and impairments of NOK 3,616.0 million, of which impairment charges amounts to NOK 2,678.5 million. Loss after taxes was NOK 3,600.3 million.
The Board will not propose dividends to be paid for the fiscal year 2016.
For further information, please contact:
CEO Karl-Johan Bakken – tel. +47 901 05 697
CFO Olav Haugland – tel. +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, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1,500 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.