Norwegian owner and operator of offshore service vessels Farstad Shipping will lay off around 100 employees in Norway due to the planned lay up of two platform support vessels (PSVs) and three anchor handling tug supply (AHTS) vessels.
The company has decided to lay up the five vessels as it expects further weakening of the offshore market.
”To lay up vessels and lay off our employees is a painful measure, especially for those of our employees who are personally affected by the measures. This is deeply regrettable, but necessary due to the current market situation,” said Karl-Johan Bakken, CEO of Farstad Shipping.
”We have been through heavy storms before. My target number one is to see us return to a strengthen position with our vessels and employees back in business.”
Prior to this, Farstad Shipping laid up two vessels in Norway and two in Asia.