Solstad Farstad Books $146M Loss

Norwegian owner and operator of offshore vessels Solstad Farstad has recognized loss of 1.15 billion Norwegian Kroner (NOK) (USD 146 million) in the final quarter of 2017, up from 1,5 billion Kroner (USD 190.5 million) in the corresponding comparable period in 2016.

Solstad Farstad is the result of a merger between Solstad Offshore, REM Offshore, Farstad Shipping and Deep Sea Supply.

Operating income more than doubled in Q4 2017 at NOK 1.1 billion compared to NOK 476 million in the Q4 2016. The increase is mainly attributable to the merger of the four companies, the company noted. Nevertheless, when compared to Q3 2017, operating income is NOK 313 million lower, due to lower activity during the North Sea winter season.

Operating income for the full year was NOK 3.8 billion versus NOK 2,6 billion in 2016. The increase compared to the same period in 2016 is mostly related to the merger which took place in June 2017.

The Group has decided to write down the value of its fleet by NOK 395 in Q4 2017.

As per February 2018 the company owns and operates a fleet of 147 vessels, of which 33 construction support vessels.The company also has 5 vessels under construction within the aquaculture segment.

“Within subsea installation several large projects have been sanctioned lately, which is expected to lead to increased offshore activity from 2019 and onwards, while in subsea maintenance, it is expected that the activity picks up already in 2018. In combination with a steady, high activity in the offshore wind sector, demand for CSVs is expected to grow,” the company said in its earnings report.

Solstad Farstad’s has reported backlog for 2018 of NOK 3 billion.

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