Farstad Shipping to Lay up Vessels, Reduce Staff

Farstad Shipping ASA announced Friday that it is planning to lay up two platform supply vessels and three anchor handling tug supply vessels in Norway, which will result in approximately 100 layoffs, due to “an expected further weakening of the offshore market”.

Commenting on the latest development, Farstad Shipping CEO Karl-Johan Bakken said in a company statement:

“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.

“Even if it looks dark now, we know there will be better times. We have been through heavy storms before. My target number one is to see us return to a strengthened position with our vessels and employees back in business.”

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