Farstad Shipping has initiated a process to reducing administrative expenses at its office in Aalesund.
The company did not elaborate on how many employees will go, but said it has informed staff of the process today, and will finalise the reductions by the end of February.
Karl-Johan Bakken, CEO of Farstad Shipping, said: “The current market situation is challenging. In order to strengthen the company’s competitiveness, we are working continuously to keep costs at the right level.
“By initiating these measures, we are preparing for the future. Our advanced fleet as well as a sharpened organization with much expertise will secure our position as a leading player in our industry.”
Farstad Shipping started cost-saving measures in 2014, which lead to the company’s office in Aberdeen closing down. It has made staff cuts, sold off older vessels and laid up seven vessels in the North Sea region.
Ominously the company said that further measures are expecting ahead.
