Having announced last month it would begin downsizing at its Aalesund office, Farstad Shipping has confirmed 26 positions have been cut from the office to reduce administrative expenses.
The affected employees were informed yesterday, completing the latest of cost-saving measures implemented by Farstad since 2014 which included the closure of the company’s office in Aberdeen last year.
Karl-Johan Bakken, CEO of Farstad Shipping, commented: “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.”
Farstad Shipping has also had to undertake NOK1,279m ($148m) in impairment losses during 2015 based on the reduction in market value of its fleet and uncertainty related to future earnings.
