Farstad Slumps to Loss

Norway’s Farstad Shipping has seen red in the second quarter of 2015 as impairments and currency losses drove the company into a loss.

Namely, Farstad’s profit after taxes (PAT) was negative NOK 119.5 million, versus positive PAT of NOK 46.7 million a year earlier. Furthermore, first-half (1H 2015) profit after taxes was negative NOK 423.8 million, compared to positive PAT of NOK 126.2 million in 1H 2014.

The company’s largest shareholder with 40.5% remains Tyrholm & Farstad AS. Diluted profit per share was negative NOK 3.07

The company achieved operating income of NOK 1,038.8 million for the second quarter, down from NOK 1,050.6 million in Q2 2014. The operating income for the first six months was NOK 2,101.9 million, up from NOK 2,060.3 million in 1H 2014.

Farstad booked depreciations and impairments of NOK 395.9 million and currency losses of NOK 32.7 million during the second quarter, while 1H 2015 depreciations and impairments were NOK 636.4 million compared to NOK 367.1 million in 1H 2014. Impairments totaling NOK 170.0 million were booked on nine of the company’s vessels during the second quarter.

Farstad Shipping’s subsea fleet currently consists of 6 vessels and 1 under construction, scheduled for delivery in November next year.

At the end of second quarter, Farstad reported a total backlog (excl. options) of approximately NOK 6.8 billion and 2100 employees in total.

Subsea World News Staff

 

Share this article

Follow Subsea World News

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

SPE/IADC Middle East Drilling Technology Conference and Exhibition

The theme for this conference is “Building on Today’s Efficiencies for Tomorrow’s Market.” This will be the basis for the technical agenda…

read more >

The World Future Energy Summit (WFES) 2018

WFES will also hold its annual conference, which sees international government and business experts come together to discuss critical global…

read more >

HYPACK 2018

This training event will offer instruction on the newest features of HYPACK® 2018 as well as comprehensive training for both novice…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >