Farstad Looks to Downsize Norway Office

Norwegian shipowner Farstad Shipping has made plans to reduce administrative expenses at its office in Aalesund.

It is yet uncertain who has to go. However, the company has informed its employees about the process, which should be concluded by the end of February 2016.

“The current market situation is challenging. In order to strengthen the company’s competitiveness, we are working continuously to keep costs at the right level,” says Karl-Johan Bakken, CEO of Farstad Shipping.

Farstad Shipping has since 2014 implemented a number of cost-saving measures both onshore and offshore. The company’s branch office in Aberdeen has been closed down, it is carried out redundancies and layoffs among seafarers, sales of older vessels are completed and seven vessels are currently laid up in the North Sea region. Further measures are expecting ahead.

“By initiating these measures, we are preparing for the future. Our advanced fleet as well as a sharpened organization with much expertise will secure our position as a leading player in our industry,” Bakken says.

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