Farstad Announces 4Q 2010 Results (Norway)

 

Farstad Shipping achieved an operating income of NOK 905.3 million for the 4th quarter. The operating profit (EBIT) was NOK 203.9 million. The profit after taxes was NOK 39.5 million.

The operating income at 31.12.10 was NOK 3 358.2 million. The operating profit (EBIT) was NOK 899.3 million. The profit after taxes was NOK 431.8 million.

The Board will propose a dividend of NOK 4,00 per share for 2010.

Farstad Shipping’s fleet currently consists of 58 vessels (32 AHTS, 24 PSV and 2 SUBSEA) and 4 PSV under construction. The company’s operations are run from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro by a total of 1900 employees onshore and offshore. The company’s strategy is to be a major international supplier of large, modern offshore service vessels to the oil industry.They also remain committed to solid long-term charter profile for the fleet.

1 million Norwegian kroner = 174 113 U.S. dollars

Source:Farstad, February  17, 2011;

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