Norway’s offshore service vessel provider Farstad Shipping has decided to undertake impairments totaling NOK 1.09 billion (USD 127 million) of vessels and other fixed assets in the financial statements for 4Q 2015.
Total impairments of fixed assets for the fiscal year 2015 is NOK 1.27 bill, the company said.
The announcement comes as the company battles with tough market conditions and prevailing market uncertainty.
Farstad Shipping’s fleet currently consists of 59 vessels (30 AHTSs, 23 PSVs and 6 Subsea vesssels) and one Subsea vessel under construction.
Farstad said that it will publish quarterly accounts for the 4th quarter 2015 and the preliminary annual accounts for 2015 on 29 February.