Norway: Farstad Achieves Operating Income of USD 144.6 Million in 1Q

 

Farstad Shipping achieved an operating income of NOK 801.0 million (USD 144.65 million) for the 1st quarter. The operating profit (EBIT) was NOK 142.8 million (USD 25.78 million). The profit after taxes was NOK 90.4 million (USD 16.32 million).

Contract coverage

The contract coverage of the Farstad fleet is approximately 73% for 2011 and approximately 50% for 2012 (incl. options).

The market

Most regions experience a positive development in the activity level offshore. However, the rate level and the utilization rate for supply vessels remain low as a consequence of oversupply of tonnage. Especially the  expectations for the North Sea market have not yet proven right. The situation is expected to persist during most of 2011 because of the considerable number of newbuilds that are still to be delivered.

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.

Source:Farstad , May 19, 2011;

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