Farstad sells 2002-built platform supply vessel

Norwegian offshore shipowner Farstad Shipping has sold the Lady Grete, a 72 meters long platform supply vessel.

According to the company, the 2002-built vessel was sold by its Singapore subsidiary Farstad Shipping Pte. Ltd.

The shipowner did not reveal the name of the customer, but said only that delivery of the vessel to the new owner took place Monday February 29, 2016.

“The sale of the vessel gave a book loss of NOK 63 million, whereof NOK 60 million is booked as impairment in the 4Q 2015 accounts,” Farstad said.

Offshore vessel owners around the world are struggling to obtain new contracts due to lack in offshore activity caused by low oil prices. This has led to the shipowners selling or stacking vessels and laying off workers.

Farstad on Monday said it would reduce the size of the organization at the office in Aalesund, Norway by 26 positions.

Farstad Shipping has since 2014 implemented a number of cost-saving measures both onshore and offshore. The company closed its branch office in Aberdeen , slashed workforce, and sold some older vessels. The company now has seven vessels stacked in the North Sea region. Further measures are expected ahead, the company added.

Offshore Energy Today Staff


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