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2016-03-03

Farstad Shipping ASA: Farstad Shipping ASA reduces the number of employees at the office in Aalesund

Farstad Shipping has today decided to reduce the size of the
organization at the office in Aalesund with 26 positions.

In January, the company started a process with the aim of reducing
administrative expenses at the office in Aalesund. The employees have
today been informed about reductions in the workforce.

- It is regrettable that highly skilled employees now lose their job.
The current market situation is challenging, and with seven ships
laid up in the North Sea region including layoffs among seafarers, we
also have to reduce the number of onshore employees, says Karl-Johan
Bakken, CEO of Farstad Shipping.

As part of a larger process, Farstad Shipping has since 2014
implemented a number of cost-saving measures both onshore and
offshore. The company's branch office in Aberdeen has been closed
down, redundancies and layoffs among seafarers have been carried out,
sales of older vessels are completed and seven vessels are currently
laid up in the North Sea region. Further measures are expecting
ahead.

- By initiating these measures, we are preparing Farstad Shipping for
the future. We have been through heavy storms before, and our
advanced fleet as well as an organization with high expertise, will
secure our position as the leading player in our industry, Bakken
says.

Contacts:

CEO Karl-Johan Bakken - tel. +47 901 05 697

CFO Torstein L. Stavseng - tel. +47 911 07 001

Farstad Shipping's fleet currently consists of 59 vessels (30 AHTS, 23
PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. The
company's operations are managed from Aalesund, Melbourne, Perth,
Singapore, Macaé and Rio de Janeiro with 2,100 employees engaged
onshore and offshore. The company's strategy is to be a leading
quality provider of large, modern offshore service vessels to the oil
industry.

www.farstad.com

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http://news.cision.com/farstad-shipping-asa/r/farstad-shipping-asa-reduc...

Författare WKR

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