Farstad sells PSV at a $7m book loss

Farstad sells PSV at a $7m book loss

Farstad Shipping has sold another vessel, this time its 2002-built platform support vessel (PSV) Lady Grete for an undisclosed sum.

The sale of the vessel gave a book loss of NOK 63m ($7.27m), of which Farstad will book a NOK 60m impairment in its 4Q 2015 financial results.

The vessel was sold through the Oslo-listed company’s Singapore subsidiary and was delivered to the unnamed buyer on Monday.

In mid-February, Farstad said it will book NOK1,279m ($148m) in impairment losses during its fiscal year 2015.

The company said the book losses relate to vessels and other fixed assets and are “based on the development in brokers’ market values of the fleet, the prevailing market prospects as well as the uncertainty related to the vessels’ future earnings”.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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